FCMB Group has announced impressive growth in its digital business, with digital revenues increasing by 69.2% from N60.3 billion to N101.9 billion for the year ending December 31, 2024. The bank’s performance was highlighted in its audited financial results, filed with the Nigerian Exchange Limited (NGX) on Friday.
In the period under review, FCMB Group showed its continued commitment to supporting small and medium-sized enterprises (SMEs), disbursing over N350 billion in retail and SME loans through its digital platforms. The Group’s digital business has become a key pillar of growth, with more than 1.6 million retail loans amounting to N148.8 billion and over 18,000 SME loans valued at N208.2 billion processed through these channels. Additionally, the assets under management in digital wealth management grew to N22.4 billion, up from N15.1 billion the previous year.
According to the report, FCMB Group Plc recorded a profit before tax (PBT) of N111.9 billion, representing a 7.1% year-on-year increase. The Group also achieved a 53.9% rise in gross revenue, which reached N794.4 billion by the end of December 2024. This growth was driven by a 75.2% increase in interest income and an 8.7% rise in non-interest income. Furthermore, net interest income surged by 27.6% to N225.3 billion, despite the challenges posed by higher funding costs, which led to a decline in net interest margin.
Looking ahead, FCMB’s leadership expects significant growth in earnings per share for the 2025 financial year, driven by continued momentum in its non-banking divisions, digital transformation, and strategic market positioning. The bank is focused on optimising its net interest margins, bolstering its capital position, expanding its digitally enabled payment and collections solutions, and engaging deeper in premium retail and institutional banking. Additionally, consumer finance is expected to maintain its upward trajectory, fuelled by digital innovation and new product offerings.
The bank’s Consumer Finance division recorded an impressive 83.5% increase in profit before tax, while its Investment Management division posted a 27.9% growth. However, the Banking Group, which contributed 69.5% of the Group’s profit before tax, saw a 7.7% decline compared to the previous year due to reduced net interest margins and a drop in other gains. Investment Banking also experienced a 35% decrease, largely due to a one-time divestment gain recorded in 2023.
On the Group’s balance sheet, total assets surged by 59.5% to N7.05 trillion from N4.42 trillion in the prior year. Loans and advances grew by 28% to N2.36 trillion, while Assets Under Management across the Investment Management division increased by 35% to N1.37 trillion. Customer deposits also saw a 39.4% increase, reaching N4.30 trillion from N3.08 trillion the previous year, indicating strong confidence in the institution.
FCMB Group also successfully raised N144.6 billion through a public offer, which helped secure the national banking licence for its banking subsidiary. The Group is now focused on its capital-raising plans to meet the Central Bank of Nigeria’s minimum capital requirements for an international banking licence.
Commenting on the Group’s performance, Ladi Balogun, the Group Chief Executive, noted that FCMB is poised to achieve even higher earnings per share in the current financial year, reinforcing its focus on long-term growth and digital transformation.