FCMB Group Plc (“FCMB Group”) has released its unaudited financial results for the six months ending June 30, 2025, reporting a profit before tax (PBT) of ₦79.3 billion — a 23% increase year-on-year — driven largely by higher net interest income and improved asset yields.
Gross revenue rose by 41.3% to ₦529.2 billion from ₦374.5 billion in H1 2024, propelled mainly by a 70.3% jump in interest income. However, non-interest income fell 35.1%, primarily due to a ₦36.6 billion decrease in currency revaluation gains compared to last year.
Net interest income nearly doubled, climbing from ₦106.2 billion to ₦207.4 billion by June 2025. The yield on earning assets improved to 20.2%, resulting in a net interest margin of 9.1%, up from 6.3% in 2024.
The Group’s digital segment—including payments, lending, and wealth services—experienced robust growth, with digital revenues rising 60% year-on-year from ₦46 billion to ₦73.6 billion, now contributing 13.9% of total earnings.
Operating expenses increased 46.1% to ₦153.2 billion, driven by higher personnel, regulatory, and technology costs amid inflationary pressures. Despite this, the cost-to-income ratio improved to 57%, down from 59.9% at the end of 2024.
Net impairment losses on financial assets rose significantly to ₦36.2 billion quarterly following the Group’s exit from the Central Bank of Nigeria’s loan forbearance programme. Consequently, the cost of risk increased to 2.8% from 1.8% in 2024.
After tax, profit rose by 23% year-on-year to ₦73.4 billion.
Across business units, Consumer Finance reported a 54.5% PBT growth; the Banking Group grew PBT by 41.3%; Investment Management rose 10%; while Investment Banking saw a 48.9% decline due to a one-off gain in the previous year. Banking Group contributed 82% to Group PBT, Consumer Finance 11.6%, Investment Management 4.8%, and Investment Banking 1.4%.
The Group’s total assets increased 6.9% to ₦7.54 trillion from ₦7.05 trillion as of December 2024. Loans and advances grew modestly by 1.1% to ₦2.38 trillion, impacted by currency revaluation and loan write-offs, while customer deposits rose 5.6% to ₦4.55 trillion, supported by a healthier low-cost deposit mix now at 69.3%, up from 57.5%.
Assets under management grew 15.5% to ₦1.58 trillion versus ₦1.37 trillion in December 2024. The investment banking division recorded a remarkable capital raise of ₦2.97 trillion for clients — a more than 600% year-on-year increase.
Improved balance sheet efficiency was noted, with better deposit mix and capital deployment helping reduce funding costs for two consecutive quarters. Net interest margin rose from 7.9% in Q1 to 10.1% in Q2, supporting the 9.1% margin for the half-year. Management expressed confidence in maintaining this momentum and exceeding full-year guidance.
Following its ₦144.6 billion public capital raise in 2024, FCMB confirmed the Central Bank of Nigeria’s completion of the second phase verification of a ₦22.5 billion mandatory convertible note, expected to increase shares to about 42.8 billion. Further capital programme phases continue to ensure First City Monument Bank meets the minimum capital requirements to maintain its international banking license.
FCMB Group remains focused on boosting operational efficiency, expanding digital and retail operations, and sustaining strong earnings growth through the remainder of 2025.
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