FCMB Group Plc reported a stellar first quarter of 2024, boasting a near-triple jump in profit before tax compared to the same period last year. Profit before tax rocketed 192.6% to N31.3 billion, up from N10.7 billion in Q1 2023. This impressive performance was driven by strong growth across all business segments.
Investment Banking led the charge with a surge of 228.1%, followed by Consumer Finance (165.4%), Banking Group (157.2%), and Investment Management (74.3%). FCMB Group attributes this success to its strategic initiatives that directly align with its mission of promoting inclusive and sustainable growth in the communities it serves.
Beyond profit, FCMB Group also witnessed a significant rise in gross revenue. The group reported a 104.8% increase in gross revenue, reaching N179.1 billion for the quarter. This growth can be attributed to an 89.9% jump in interest income and a staggering 150.9% increase in non-interest income compared to Q1 2023.
Customer confidence in FCMB Group also remained robust. Deposits surged 63.2% year-over-year, climbing from N2.0 trillion to N3.3 trillion at the end of March 2024. This positive trend suggests a strong outlook for FCMB Group moving forward.
The Group Chief Executive of FCMB Group Plc, Mr. Ladi Balogun, expressed confidence that the growth trend will be sustained. He said:
“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 in spite of 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 digitisation”.
Despite the challenging business environment, the Group increased its contribution to economic growth by extending loans and advances to N2.2 trillion, an 85.4% increase, Year-on-Year, from N1.2 trillion in the corresponding period of 2023.
Net interest income increased by 74.5%, from N31.7 billion in the first quarter of 2023 to N55.4 billion in the first quarter of 2024. Total assets increased by 68.5%, from N3.1 trillion to N5.2 trillion.
Assets Under Management (AUM) grew 35.0% Year-on-Year, from N830 billion to N1.02 trillion at the end of March 2024. This highlights the Group’s investment management expertise and ability to create value for its clientele.
The agency banking business extended its network to over 165,000 agents, acquiring over 300,000 customers between January and March 2024. FCMB expanded its customer base to 12.8 million within the quarter.
FCMB Group, a financial services holding company headquartered in Lagos, Nigeria, and listed on the Nigerian Exchange Group (NGX), has strategic interests in companies serving over 12.8 million customers across five platforms – banking, consumer finance, investment management, investment banking, and financial technology.
The Group and its subsidiaries are building a supportive ecosystem that fosters inclusive and sustainable growth in their communities, in Africa, its diaspora, and the United Kingdom.
