FCMB Group Posts N111.9bn Profit in 2024, Driven by Surge in Digital Revenue, Strong Asset Growth, and Robust Loan Disbursements
FCMB Group Plc has released its audited financial results for the year ended December 31, 2024, reporting a profit before tax (PBT) of N111.9 billion—a 7.1% increase from the previous year.
The Group’s gross revenue surged by 53.9% to N794.4 billion, driven by a 75.2% rise in interest income and an 8.7% uptick in non-interest income. Net interest income grew 27.6% to N225.3 billion, buoyed by improved yields on earning assets, although net interest margins declined due to higher funding costs.
FCMB’s digital operations continued to gain traction, with digital revenue jumping 69.2% to N101.9 billion, up from N60.3 billion. Over 1.6 million retail loans worth N148.8 billion and more than 18,000 SME loans totaling N208.2 billion were disbursed via digital platforms. Additionally, Assets Under Management (AUM) in digital wealth rose from N15.1 billion to N22.4 billion.
Customer deposits grew by 39.4% year-on-year, reaching N4.3 trillion, while total assets jumped 59.5% to N7.05 trillion. Loans and advances increased by 28% to N2.36 trillion, and AUM in the Investment Management division climbed 35% to N1.37 trillion.
Group CEO Ladi Balogun expressed optimism for continued growth in 2025, citing a stronger balance sheet, expanding digital transformation, and robust momentum in non-banking sectors as key drivers of expected earnings per share (EPS) growth.
As part of its recapitalisation effort, the Group successfully raised N144.6 billion through a public offer, securing a National Banking License for its banking arm. Additional capital-raising plans are underway to meet the Central Bank of Nigeria’s minimum capital threshold for an International Banking License.
While the Banking Group, which contributed 69.5% of total PBT, recorded a 7.7% decline due to reduced margins and other income, Consumer Finance posted an 83.5% increase in PBT, and Investment Management rose by 27.9%. Investment Banking, however, fell 35%, reflecting the absence of a one-time divestment gain recorded in 2023.
Looking ahead, FCMB aims to drive earnings by boosting digital payments and collections, optimising interest margins with a stronger capital base, and deepening engagement in premium retail and institutional banking.
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