Q1: FCMB Group posts N35bn profit as revenue surpasses forecast

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16 hours ago

FCMB Group Plc has reported a profit before tax of N35 billion for the first quarter ended March 31, 2025. Gross revenue grew 41.1 percent year-on-year to N252.7 billion, surpassing its Q1 forecast of N226.9 billion, driven by a 58 percent increase in net interest income.

The Group recorded a 5 percent growth in total assets from N7.05 trillion in December 2024 to N7.40 trillion as at March 2025. Loans and advances also grew by 3.4 percent over the same period to N2.44 trillion, supporting business and economic activity.

The Banking Group accounted for 81.4 percent of profits, followed by Consumer Finance, 11.7 percent, Investment Management, 5.0 percent, and Investment Banking, 0.7 percent.

Net interest margins grew to 8.3 percent from 5.4 percent in Q4 2024, driven by a 200 basis points drop in the cost of funds and a higher yield on earning assets of 20.2 percent.

The Group linked the improvement to early benefits of the capital raised in 2024 and an improvement in the low-cost deposit liabilities.

Group Chief Executive Ladi Balogun said the diversified financial services group will continue to leverage its group structure to drive an ecosystem that will foster inclusive and sustainable growth.

Analysts say FCMB Group’s diversified revenue structure and strengthened capital position provide a positive outlook for the rest of the financial year.

FCMB Group Plc is a financial services holding company listed on the Nigerian Exchange and headquartered in Lagos. The Group has strategic interests in businesses serving over 14 million customers across five platforms – banking, consumer finance, investment management, investment banking, and financial technology. Together, these businesses are building an integrated ecosystem that supports inclusive and sustainable growth across Africa, its diaspora, and the United Kingdom.