Event, Arts and Entertainment

FCMB earns N208.5bn revenue as profit rises to N24bn 

FCMB Group grows profit by 148% to N38.2bn in H1’23

FCMB Plc sustained its impressive performance last year by earning N208.5 billion in gross revenue for the year ended December 31, 2021, against N199.4 billion in 2020. This represents an increase of 4.6 per cent, with profit before tax rising by 9.2 per cent to N24 billion compared to N22 billion in the previous year. As a result, profit margin, which measures how much revenue has turned to profit, stood at 10 per cent. 

Read:  Official Update on DJ Obi’s World Record attempt for Longest Marathon Club DJ-ing

These figures are contained in the unaudited results of FCMB Group for last year released recently. Despite the challenges posed by the COVID-19 pandemic and the business environment, the significant improvement in the Group’s market fundamentals is another proof of its resilience. The performance also shows that the various strategies being executed by the Ladi Balogun (the Group Chief Executive) – led financial institution are yielding the desired results. 

Read:  IYD 2018: Promoting safe spaces through Sports

Customer confidence in FCMB Group and its 10 subsidiaries remained strong as deposits grew to N1.56 trillion last year from N1.3 trillion in 2020, a 24 per cent rise. Loans and advances by the lender to individuals and businesses in 2021 also rose to N1.06 trillion compared to N823 billion prior year, representing a 29.3 per cent growth. This affirms the strong commitment of the financial institution towards supporting the growth aspirations of individuals, businesses, and that of the country at large. 

Read:  AFWL: Fashion Futures; The Panel Sessions: Empowering Creatives

In addition, FCMB Group’s total assets increased to N2.5 trillion in 2021 from N2.06 trillion the previous year, while net fees and commissions rose by 42.8 per cent to N28 billion.  


Related posts

Burna Boy, Tems and Libianca win awards categories at the 2023 BET Awards


Merck Foundation and African First Ladies announce “More Than a Mother” Africa Film Awards 2021.


Wizkid, Montana, others to perform at BBC event.


Mr Eazi only African artiste featured in new star-studded #Boss campaign


2022: Salah Voted Player’s Player Of The Year,ronaldo Makes PFA Team Of The Year


LSSNMAIA (Lagos State School of Nursing and Midwifery Alumni International Association)’s First International Alumni AGM and Awards Dinner and Dance Reunion Events in Lagos Nigeria.


Leave a Comment