FCMB Group Plc has disclosed its digital revenue increased by 62.4 per cent to N60.3 billion in 2023 compared to N37.1 billion in the previous year.
This was disclosed by FCMB Group in its audited financial statements for 2023 filed with the Nigerian Exchange Limited, according to The Punch.
In line with an increase in digital metrics, FCMB Group has seen improvements in technology adoption during the year under review.
More than 1.6 million loans were accessed, underwritten, and disbursed through its digital channels amounting to a total N100.9 billion.
“Digital SME lending; over 20,500 loans, totaling N177.9bn were accessed, underwritten, and disbursed via our digital channels for the period ended December 2023. Assets Under Management in our digital wealth propositions grew to N15.1bn for the period from N8.5bn in 2022.
“Digital payments, wealth, and lending continued to empower a greater number of our customers resulting in a 62.4 per cent growth in digital revenues from N37.1bn as of December 2022 to N60.3bn for the period ended December 2023. The above initiatives supported the reduction of our cost-to-income ratio to 66.3 per cent, excluding revaluation gain (48.9 per cent inclusive of revaluation income),” the company said.
FCMB recorded a profit before tax of N104.4bn in 2023, representing a 186 per cent year-on-year growth with divisions of the group recording significant earnings growth; banking group 212.6 per cent, consumer finance 67.3 per cent, investment management 40 per cent, and investment banking 89.7 per cent.
The FCMB Group’s gross revenue increased by 82.5 % to N.67 billion from N.283 billion, boosted by a 61.7 % increase in interest income and a 154.4 % increase in noninterest income.
Net interest income grew by 44.8 per cent from N122bn to N176.6bn last year, on the back of growth in the yield on earning assets.
Furthermore, a cash dividend of 50 kobo per ordinary share, a 100 % increase from the 25 kobo paid in the previous year, was recommended by the Board of Directors.
