FCMB Group posts 68.4% profit growth in nine months

By Temitope Adebayo

FCMB Group Plc has recorded a 68.4 per cent year-on-year growth in profit before tax of N26.5 billion for the nine months ended September 30, 2022, compared to N15.7 billion in the corresponding period of 2021.

The Group’s unaudited nine-month results released on the floor of the Nigerian Exchange Limited (NGX) last week, showed double-digit growth across all business segments; Banking Group 74.8 per cent, Consumer Finance 30.8 per cent, Investment Management 47.1 per cent, and Investment Banking 220.9 per cent.

For instance, Group’s gross revenue grew by 33.9 per cent to N200.1 billion for the period under review, as against N.5 billion in the same period in 2021.

The key drivers were a 33.1 per cent growth in interest income and 36.1 per cent in non-interest income, while the net interest income also grew by 42.3 per cent from N65.4 billion in the first nine months of 2021 to N93.1 billion in the corresponding period of 2022.

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Digital banking initiatives continue to gain traction across the Group’s various businesses. They now account for 13.8 per cent (₦27.6b) of gross earnings, 9.4 per cent (₦14.4b) of interest income, 6.5 per cent (₦77.0b) of the loan book and 7.3 per cent (₦8.6b) of the AUM of its Asset Management business.

Commenting on the results, the Group Chief Executive of FCMB Group Plc, Mr Ladi Balogun, 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 enables us to deliver robust performance despite the challenging domestic and global environment. Barring unforeseen circumstances, we believe this performance trend will continue.”