FCMB grows profit by 192.6% in Q1

FCMB Group Plc announced impressive first- quarter 2024 financial results, with profit before tax rising 192.6 per cent year- on- year to N31.3 billion compared to N10.7 billion in the same period in 2023.

All of the Group's business segments demonstrated significant growth with investment banking leading at 228.1 per cent, consumer finance at 165.4 per cent, banking group at 157.2 per cent and investment management at 74.3 per cent.

This impressive performance across all business segments directly results from FCMB Group's strategic initiatives, which align perfectly with its purpose of fostering inclusive and sustainable growth in the communities it serves. FCMB Group recorded a substantial 104.8 per cent growth in gross revenue during the three months, rising to N179.1 billion from N87.4 billion recorded in the same period the prior year. The growth was driven by 89.9 per cent growth in interest income and a 150.9 per cent growth in non- interest income. Also, customer confidence remained strong, with deposits rising by 63.2 per cent year- over- year, from N2 trillion to N3.3 trillion at the end of March 2024. The Group Chief Executive of FCMB Group, Ladi Balogun, expressed confidence that the growth trend will be sustained. He said: "We continue to leverage our unique group structure to build a technology- driven ecosystem that fosters inclusive and sustainable growth in the communities we serve. This strateg y is enabling us to deliver robust performance despite the challenging domestic and global envir onment. Barring unforeseen circumstances, we believe our growth trend will be sustained and accompanied by improving efficiencies arising from greater scale and ongoing digitisation.”