Finance

FCMB group records N15.4bn profit before tax in H1

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

FCMB Group Plc recorded a profit before tax of N15.4 billion, a 73.2 per cent year-on-year growth compared to N8.9 billion in 2021 and double-digit growth across its business segments:

For the six months ended June 30, 2022, the group has reported better-than-impressive Earnings, Revenue, Deposits, Loans and Asset Under Management growth, and impressive environmental, social, and corporate governance scorecard.

The group recorded a profit before tax of N15.4 billion, a 73.2 per cent year-on-year growth compared to N8.9 billion in 2021 and double-digit growth across its business segments: 84.2 per cent in the Banking Group, 42.7 per cent in Consumer Finance, 41.9 per cent in Investment Management, and 253.8 per cent in Investment Banking.

Gross revenue was up 34 per cent to N126.2 billion from January to June this year, as against N94.2 billion in H1, 2021. These were the highlights of the Group‘s unaudited half-year results released on the floor of the Nigerian Exchange Limited (NGX) on Tuesday, July 26, 2022, in Lagos.

Read:  Airtel announces strategic partnership with Konga to deepen digital retail

Commenting on the half-year financial results, the group chief executive of FCMB Group Plc, Ladi Balogun, said:
“we continue to leverage our unique group structure to enable a technology-driven ecosystem of platforms, customers, partners, talents, and capital to contribute to the sustainable and inclusive growth of the communities we serve.
“We believe that despite the challenging domestic and global environment, FCMB Group is well positioned to sustain its performance trend in financial and non-financial metrics“.In compliance with its commitment to safeguarding the environment, FCMB Group further reduced its carbon footprint by moving eight branches of its retail and commercial banking subsidiary to Solar Power, thus, taking the number of FCMB Limited branches running on renewable energy to 150 (73% of its branch network) – from grid/diesel generators to solar power.
“In the period under review, the hank disbursed over 442,000 loans, totalling N21 billion, to more than 171,000 persons via its digital channels in the first six months of 2022.”
It also gave loans to over 12,000 small businesses, totalling N93.4 billion disbursed through its digital channels in H1, 2022. FCMB‘s focus on financial inclusion and MSMEs has been further bolstered by a $17.3 million funding partnership with Mastercard Foundation to provide affordable loans to 100,000 MSMEs over the next five years with a focus on 90 per cent participation by women.
Customer confidence in FCMB remained strong, as deposits rose by 22.3 per cent to N1.6 trillion in June 2022, Year-on-Year (YoY), from N1.3 trillion achieved in June 2021.
In addition, loans and advances disbursed by the financial institution to customers, including businesses, grew by 22.3 per cent to N1.1 trillion from N916.7 billion. The Group‘s total assets also increased by 18.3 per cent to N2.7 trillion in June 2022, as against N2.2 trillion within the same period last year.

Read:  Coca-Cola set to celebrate 7 decades in Nigeria

Leadership

Related posts

Jaiz bank relocates head office 

NigGal

Chevron: No plan to halt operations in Nigeria

NigGal

Journey towards Nigeria’s Digital Currency

NigGal

Richway microfinance bank launches quick credit on remita

NigGal

At 13.17%, Prime lending Rate Hits 23-month High

NigGal

ARCON to sanction Peak Milk, others over illegal adverts

NigGal

Leave a Comment