FCMB Group Plc reported excellent results across all major metrics, with a 148% increase in profit before tax of N38.2 billion from January to June this year compared to N15.4 billion in the same period of 2022.
Highlights from the diverse Group’s unaudited six-month results, which were made public on the Nigerian Exchange Limited floor, revealed that several divisions had significant increases in earnings, including the Banking Group (185.5%), Consumer Finance (10.3%), Investment Management (53.3%), and Investment Banking (54.3%).
In addition, compared to the same period last year, FCMB Group’s gross sales increased by 88.7% to N238.2 billion, or N126.2 billion.
This gain was fueled by an increase in non-interest income of 216.1% and an increase in interest income of 51.9%.
The Group Chief Executive of FCMB Group Plc, Mr. Ladi Balogun, commented on the financial performance for the first half of the year, saying: “We continue to use our distinctive Group structure to establish a technology-driven ecosystem that encourages inclusive and sustainable growth in the communities we serve.
This gain was fueled by an increase in non-interest income of 216.1% and an increase in interest income of 51.9%.
Deposits increased by 45.3% annually to N2.38 trillion at the end of June, up from N1.64 trillion in the same period of 2022, reflecting the continued high level of customer confidence in FCMB Group. Loans and advances also increased by 37.4% to N1.54 trillion, up from N1.12 trillion in the prior period.
At the end of June 2023, the Group’s Assets Under Management increased by 23.6% year over year to N910.3 billion from N736.4 billion at the end of June 2022.
The half-year results also revealed outstanding performance in corporate governance, social, and environmental initiatives, all of which significantly impacted the sustainable and inclusive growth of society.
This gain was fueled by an increase in non-interest income of 216.1% and an increase in interest income of 51.9%.
According to its commitment to promoting renewable energy sources, the company successfully negotiated funding of up to N5 billion from regional development finance organizations for on-lending to clients in need of solar energy solutions.
By facilitating nearly $160 million in export and remittance flows into the country, respectively, and $81 million in the first half of 2023, FCMB successfully used its banking business to generate foreign exchange flows.
By the end of June 2023, the financial institution had received about N71.6 billion in funding from donor organizations and development finance institutions, which it used to promote the achievement of sustainable development targets in pivotal economic sectors.
This gain was fueled by an increase in non-interest income of 216.1% and an increase in interest income of 51.9%.
The Group’s various businesses are seeing increased adoption of digital banking strategies as the number of users of its new mobile app, which provides loan, wealth, and payment solutions, increased by 20% year over year to 1.6 million.
The company distributed over 3 million loans totaling N105 billion to individuals, N5.2 billion to microenterprises, and N171 billion to Small and Medium Scale Enterprises thanks to an expanded customer base, an expanded distribution platform, and the use of artificial intelligence to automate and optimize loan underwriting processes.
This gain was fueled by an increase in non-interest income of 216.1% and an increase in interest income of 51.9%.
FCMB’s digital channels were used by 78,000 consumers to access retail investment products. Similar to this, its nationwide agency banking network increased to over 115,000 agents.
The FCMB Group is a listed company on the Nigerian Exchange Group. In the areas of banking, consumer finance, investment management, and investment banking, it provides services to over 11.7 million consumers across four platforms.
