FCMB Group Plc reported strong financial results for the first quarter of 2024. Profit before taxes increased to N31.3 billion from N10.7 billion during the same period in 2023, a year-over-year increase of 192.6%.
With Investment Banking leading the pack at 228.1%, Consumer Finance at 165.4%, Banking Group at 157.2%, and Investment Management at 74.3%, all of the Group’s business areas showed notable growth.
The FCMB Group’s strategic efforts, which are precisely aligned with its objective of creating inclusive and sustainable growth in the communities it serves, have directly led to this excellent performance across all business segments
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.
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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.
