Finance

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

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

FCMB Group has recorded a 148 per cent   growth in profit before tax to N38.2 billion for the half year ended June 30th, H1’23 from   N15.4 billion in the corresponding period of 2022, H1’22.

The company disclosed this in its unaudited six-month results released to the Nigerian Exchange Limited (NGX).  

The results showed that various divisions achieved robust earnings growth as follows: Banking Group 185.5%, Consumer Finance 10.3%, Investment Management 53.3%, and Investment Banking 54.3%.

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In addition, FCMB Group’s gross revenue grew by 88.7% to N238.2 billion for June 2023, as against N126.2 billion for the same period in the previous year. The growth was driven by a 51.9% increase in interest income and a 216.9% increase in non-interest income.

Customer confidence in FCMB Group remained strong, as deposits rose by 45.3% year-on-year to N2.38 trillion at the end of June, up from N1.64 trillion in the corresponding period of 2022, whilst Loans and advances also grew by 37.4% to N1.54 trillion, compared to N1.12 trillion in the previous period.

The Group’s Assets Under Management (AUM) recorded an increase of 23.6% year-on-year to N910.3 billion at the end of June 2023, up from N736.4 billion at the end of June 2022.

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Commenting on the half-year financial results, the Group Chief Executive of FCMB Group, 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, this trend will be sustained and accompanied by improving efficiencies arising from greater scale and ongoing digitization.”

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