FCMB Group reported a profit before tax of N64.2 billion in the first half of 2024, a 68% increase over the N38.2 billion reported in the same period in 2023.
This was disclosed in the company’s quarterly financial report ended June filed with NGX on Wednesday.
The Group reported gross earnings of N374.5 billion in H1 2024, a 57% YoY increase over the N238.2 billion gross earnings reported in H1 2023. The bank reported interest income of N269.2 billion, an 81% YoY increase from the N149 billion interest income in H1 2023, which accounted for the majority of the group’s revenues.
The group’s net profit for the period was N59.5 billion, up 68% YoY from the N35.4 billion reported in H1 2023.
During the quarter, FCMB reported net interest income of N106.2 billion, a 47% increase from N72.3 billion as of H1 2023. Additionally, throughout that time, net impairment losses decreased by 33% YoY to N31.3 billion from N47.1 billion as of H1 2023.
Key Highlights
Gross earnings: N374.5 billion, +57% YoY
Interest and discount income: N269.2 billion, +81% YoY.
Net interest income: N106.2 billion, +47% YoY
Net interest margin: 28.4%, -2% points YoY
In the first half of 2024, customers’ deposits in FCMB increased by 26% to N3.9 trillion, from N3.1 trillion as at FYE 2023. FCMB Group’s net loans and advances to customers increased by 32% in H1 2024 to N2.43 trillion, from N1.84 trillion as of FYE 2023.
The group’s borrowings have grown by 162%. Afrexim Bank provided the group with a N112.6 billion loan during that time, which accounted for the majority of the group’s borrowings.
The wages and salaries expense for FCMB rose from N15.2 billion in H1 2023 to N26.6 billion, a 74% YoY increase.
Credit Direct Limited, the group’s microlending division, reported N3.9 billion in profit after taxes on N16.5 billion in revenue. Credit Direct has expanded to become the group’s second-largest business, with N92.7 billion in assets.
