FCMB Group’s 2024 financial year showcased robust growth, particularly in its digital business segment. Digital revenues surged by an impressive 69.2%, reaching N101.9bn, up from N60.3bn in 2023. This remarkable growth underscores the group’s successful digital transformation strategy and the increasing adoption of digital banking services by customers. The digital channels also proved instrumental in supporting small and medium-sized enterprises (SMEs), with over N350bn disbursed in retail and SME loans through these platforms. Specifically, over 1.6 million retail loans worth N148.8bn and more than 18,000 SME loans totaling N208.2bn were disbursed via digital channels. Furthermore, the group’s digital wealth management services witnessed significant growth, with Assets Under Management (AUM) climbing to N22.4bn from N15.1bn in the previous year. These figures demonstrate FCMB Group’s commitment to leveraging technology to drive financial inclusion and empower businesses.

Beyond the digital sphere, FCMB Group’s overall financial performance was equally impressive. The group’s profit before tax (PBT) rose by 7.1% to N111.9bn, while gross revenue witnessed a substantial increase of 53.9%, reaching N794.4bn. This strong revenue growth was fueled by a significant 75.2% surge in interest income and a steady 8.7% increase in non-interest income. Net interest income also grew by 27.6% to N225.3bn, benefiting from higher yields on earning assets. However, the net interest margin experienced a slight decline due to increased funding costs, a reflection of the prevailing economic environment. Customer deposits showed a healthy 39.4% growth, reaching N4.30tn, further solidifying the public’s confidence in the financial institution. This robust deposit growth provides a solid foundation for future lending and investment activities.

Looking ahead, FCMB Group’s leadership expresses optimism for continued growth in 2025. The group’s Chief Executive, Ladi Balogun, anticipates significant earnings per share growth driven by continued momentum in non-banking businesses, a strengthened balance sheet, ongoing digital transformation, and strategic market positioning. Key strategic priorities include optimizing net interest margins through a stronger capital position, expanding digitally enabled payment and collection solutions for efficient low-cost deposit funding, and deeper engagement in premium retail and institutional banking. The consumer finance division is expected to maintain its robust growth trajectory, propelled by digital innovation and new product offerings. Furthermore, the investment banking arm aims to capitalize on increased capital market activity, while the investment management division is projected to sustain steady growth.

Analyzing the performance of different business segments reveals varying results. Consumer Finance recorded a remarkable 83.5% surge in profit before tax, highlighting the success of its strategy and the growing demand for consumer lending products. Investment Management also performed well, achieving a 27.9% growth in PBT. However, the Banking Group, which contributes the largest share (69.5%) to the Group’s PBT, experienced a 7.7% decline year-on-year. This decline was attributed to lower net interest margins and a decrease in other gains. Investment Banking also faced a setback with a 35% decline in PBT, primarily due to the impact of a one-time divestment gain recorded in 2023. Despite these challenges, the overall group performance remained strong, demonstrating the benefits of a diversified business model.

FCMB Group’s balance sheet further reflects its financial strength and growth trajectory. Total assets witnessed a remarkable 59.5% increase, reaching N7.05tn compared to N4.42tn in the previous year. Loans and advances also experienced significant growth, expanding by 28% to N2.36tn, demonstrating the group’s commitment to supporting businesses and individuals through lending activities. The Investment Management division also saw a substantial increase in Assets Under Management, growing by 35% to N1.37tn. This growth reflects the increasing trust and confidence of investors in FCMB Group’s investment management capabilities.

Furthermore, FCMB Group successfully executed a recapitalization program, raising N144.6bn through a public offer. This capital injection strengthens the group’s financial position and secures the national banking license for its banking subsidiary. The group is also pursuing further capital-raising initiatives to meet the Central Bank of Nigeria’s minimum capital requirements for an international banking license. This strategic move will enable FCMB Group to expand its operations beyond national borders and tap into new markets. The successful recapitalization program underscores the group’s commitment to long-term growth and its ability to attract investor confidence.

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