FCMB Group records 68.4% profit growth in nine months

FCMB Group Plc has sustained its impressive financial performance across all indicators, achieving a 68.4 per cent year-on-year growth in profit before tax of N26.5 billion for the nine months ended September 30, 2022, compared to N15.7 billion in the corresponding period of 2021.

Highlights of the Group’s unaudited nine-month results released on the floor of the Nigerian Exchange Limited (NGX) on Tuesday, November 29, 2022, showed double-digit growth across all business segments: Banking Group 74.8 per cent, Consumer Finance 30.8 per cent, Investment Management 47.1 per cent, and Investment Banking 220.9 per cent.

The diversified Group’s gross revenue grew by 33.9 per cent to ₦200.1 billion for the nine months that ended September 2022, compared to ₦149.5 billion in 2021. The key drivers were a 33.1 per cent growth in interest income and 36.1 per cent in non-interest income.

Net interest income also grew by 42.3 per cent from ₦65.4 billion in the first nine months of 2021 to ₦93.1 billion in the corresponding period of 2022.

Digital banking initiatives continue to gain traction across the Group’s various businesses. They now account for 13.8 per cent (₦27.6b) of gross earnings, 9.4 per cent (₦14.4b) of interest income, 6.5 per cent (₦77.0b) of the loan book and 7.3 per cent (₦8.6b) of the AUM of its Asset Management business.

Commenting on the results, the Group Chief Executive of FCMB Group Plc, Mr Ladi Balogun, 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 enables us to deliver robust performance despite the challenging domestic and global environment. Barring unforeseen circumstances, we believe this performance trend will continue.”

Customer confidence in the FCMB Group was strong and more robust in the period under review than in the corresponding period of 2021. As such, deposits grew by 25.3 per cent to N1.8 trillion from N1.5 trillion; loans and advances increased by 22.5 per cent from N967.5 billion to N1.2 trillion, and assets under management surged 48.2 per cent from N510 billion to N756 billion. So, total assets stood at N2.9 trillion against N2.4 trillion in September 2021.

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FCMB Group records 68.4% profit growth in nine months