H1 2022: FCMB Group Records 73.2% Profit Growth Of N15.4bn, Impressive ESG Scorecard.

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

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

Gross revenue was up 34% 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:  110th International Labour Conference holds

Mr Ladi Balogun, the Group Chief Executive of FCMB Group Plc, while commenting on the half-year financial results, 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”. 

Read:  Stock Market Trades N5.57bn shares

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 First City Monument Bank (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 Bank disbursed over 442,000 loans, totalling N21.0 billion, to more than 171,000 persons via its digital channels in the first six months of 2022. 

Read:  Julius Berger is best construction company

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% participation by women. 


Related posts

United Capital launches special dollar-denominated fund


CHI celebrates 4th annual Chivita world juice day


NGX resumes September bearish as investors lose N18bn


Stock Market Trades N5.57bn shares


Winners emerge from Quickteller paypoint double up promo


Sanwo-Olu pledges collaboration with UN Women on procurement


Leave a Comment