FCMB Group Plc has delivered robust financial results for the full year ending December 31, 2024, with a 69.2% growth in digital revenues, increasing from ₦60.3 billion to ₦101.9 billion. This performance was driven by the bank’s strategic expansion into digital services, alongside a substantial boost in retail and SME loan disbursements through its digital channels.

In the period under review, over ₦350 billion in loans were disbursed to retail and SME customers, with ₦148.8 billion in retail loans and ₦208.2 billion in SME loans. These figures underscore FCMB Group’s continued support for Nigeria’s small and medium enterprises and individual customers, reinforcing its digital transformation agenda.

Profit Growth and Revenue Surge

FCMB reported a 7.1% year-on-year increase in profit before tax (PBT), reaching ₦111.9 billion in 2024. The group’s total gross revenue surged by 53.9%, growing from ₦516.4 billion to ₦794.4 billion, with interest income rising by 75.2% and non-interest income increasing by 8.7%.

The bank’s net interest income also saw significant growth, climbing by 27.6% to ₦225.3 billion, driven by improved yields on earning assets. Despite a slight decline in net interest margin due to higher funding costs, the overall performance was solid.

Strong Deposit Growth

FCMB’s customer deposits rose by 39.4%, reaching a total of ₦4.30 trillion by the end of 2024, up from ₦3.08 trillion the previous year. This substantial increase reflects continued confidence in the bank’s offerings and financial stability.

Strategic Focus for 2025

Commenting on the results, Ladi Balogun, Group Chief Executive of FCMB Group, expressed optimism about the future, stating that the group is targeting higher earnings per share in the current financial year.

He noted that FCMB plans to optimize net interest margins, expand digitally enabled payments and collections solutions, and deepen engagement in premium retail and institutional banking. Balogun further highlighted that the group’s focus on consumer finance, supported by digital innovation and new product offerings, would continue to drive growth, while investment banking would benefit from increased capital market activities.

Performance by Division

• Consumer Finance: The division recorded a remarkable 83.5% increase in profit before tax.
• Investment Management: The division grew by 27.9%.
• Banking Group: Contributing 69.5% of the Group’s PBT, the banking arm saw a 7.7% decline in profit due to lower net interest margins and a decline in other gains.
• Investment Banking: The division recorded a 35% decline due to the impact of a one-time divestment gain in 2023.

Balance Sheet Strength

The Group’s total assets grew by 59.5% year-on-year, rising from ₦4.42 trillion to ₦7.05 trillion. Additionally, FCMB’s loans and advances increased by 28%, reaching ₦2.36 trillion. Assets Under Management (AUM) in its Investment Management division grew by 35%, totaling ₦1.37 trillion as of December 2024.

Successful Recapitalization and Future Plans

As part of its ongoing efforts to strengthen its capital base, FCMB successfully raised ₦144.6 billion through a public offer, securing the national banking licence of its banking subsidiary. The group is also preparing for further capital-raising initiatives to meet the Central Bank of Nigeria’s minimum capital requirements for an international banking licence.

Looking Ahead

With a strong digital footprint and solid financial results, FCMB Group is well-positioned to continue its growth trajectory. The group’s emphasis on digital transformation, combined with strategic investments in key sectors, is expected to further solidify its position in Nigeria’s competitive banking landscape.