Impressive! FCMB Group Grows Profit To 192.6% In Q1 2024

First City Monument Bank (FCMB) Group Plc has announced impressive first-quarter 2024 financial results, with profit before tax rising 192.6% Year-on-Year to N31.3 billion compared to N10.7 billion in the same period in 2023.

All of the Group’s business segments demonstrated significant growth, with Investment Banking leading at 228.1%, Consumer Finance at 165.4%, Banking Group at 157.2%, and Investment Management at 74.3%.

This impressive performance across all business segments directly results from FCMB Group’s strategic initiatives, which align perfectly with its purpose of fostering inclusive and sustainable growth in the communities it serves.

FCMB Group recorded a substantial 104.8% growth in gross revenue during the three months (January to March 2024), rising to N179.1 billion from N87.4 billion for the same period the prior year. This growth was driven by an 89.9% growth in interest income and a 150.9% growth in non-interest income. Additionally, customer confidence remained strong, with deposits rising by 63.2% year-over-year, from N2.0 trillion to N3.3 trillion at the end of March 2024.

The Group Chief Executive of FCMB Group Plc, Mr. Ladi Balogun, expressed confidence that the growth trend will be sustained.

He said: “We continue to leverage our unique group structure to build a technology-driven ecosystem that fosters inclusive and sustainable growth in the communities we serve. This strategy is enabling us to deliver robust performance in spite of the challenging domestic and global environment. Barring unforeseen circumstances, we believe our growth trend will be sustained and accompanied by improving efficiencies arising from greater scale and ongoing digitisation”.

Despite the challenging business environment, the Group increased its contribution to economic growth by extending loans and advances to N2.2 trillion, an 85.4% increase, Year-on-Year, from N1.2 trillion in the corresponding period of 2023.

Net interest income increased by 74.5%, from N31.7 billion in the first quarter of 2023 to N55.4 billion in the first quarter of 2024. Total assets increased by 68.5%, from N3.1 trillion to N5.2 trillion.

Assets Under Management (AUM) grew 35.0% Year-on-Year, from N830 billion to N1.02 trillion at the end of March 2024. This highlights the Group’s investment management expertise and ability to create value for its clientele.

The agency banking business extended its network to over 165,000 agents, acquiring over 300,000 customers between January and March 2024. FCMB expanded its customer base to 12.8 million within the quarter.

FCMB Group, a financial services holding company headquartered in Lagos, Nigeria, and listed on the Nigerian Exchange Group (NGX), has strategic interests in companies serving over 12.8 million customers across five platforms – banking, consumer finance, investment management, investment banking, and financial technology.

The Group and its subsidiaries are building a supportive ecosystem that fosters inclusive and sustainable growth in their communities, in Africa, its diaspora, and the United Kingdom.