FCMB Group records 192% growth in Profit Before Tax

FCMB Group has announced an impressive financial performance in the first quarter of 2024.

The bank profit before tax jumped by 192.6 per cent to N31.3bn in the first quarter of 2024.

This is according to the financial results of FCMB for Q1, filed with the Nigerian Exchange Limited.

Investment banking led the group growth, improving by 228.1 per cent, followed by consumer finance, banking group and investment management which were by 165.4 per cent, 157.2 per cent, and 74.3 per cent, respectively.

FCMB Group’s gross revenue went up by 104.8 per cent to N179.1bn in the three months of the year, driven by an 89.9 per cent growth in interest income and a 150.9 per cent growth in non-interest income.

Additionally, customer deposits rose by 63.2 per cent year-over-year, from N2.0tn to N3.3tn at the end of March 2024.

The Group Chief Executive of FCMB Group Plc, Mr Ladi Balogun, commenting on the Q1 results, posited that the group would continue to leverage technology to foster growth.

“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 is enabling us to deliver robust performance despite the challenging domestic and global environment.

“Barring unforeseen circumstances, we believe our growth trend will be sustained and accompanied by improving efficiencies arising from greater scale and ongoing digitization,” he said.

Meanwhile, the group has revealed that it would be seeking shareholders’ approval to raise about N150bn in additional capital to meet the new capital threshold set by the Central Bank of Nigeria.