FCMB Group Plc has announced a remarkable increase in profit before tax, reaching N104.4 billion, marking a substantial 186 percent Year-on-Year (YoY) rise compared to N36.6 billion recorded in 2022. This growth in earnings reflects positive performance across all business segments, with notable profit in Banking Group at 212.6%, Consumer Finance at 67.3%, Investment Management at 40%, and Investment Banking at 89.7%.
The released results on the Nigeria Exchange Limited (NGX) platform highlighted FCMB Group’s significant contributions to Nigeria’s economic development, particularly in the agricultural sector. The Group increased lending to agriculture by 38.4% to N204.3 billion in 2023, supporting over 300,000 smallholder farmers, with a majority being women. Additionally, the Group facilitated substantial funding from development finance institutions (DFIs) and donor agencies to advance sustainable development goals.
FCMB Group’s customer base saw a robust growth of 15.6% Year-on-Year, reaching 12.5 million, while users of its mobile app offering various financial solutions expanded by 31% Year-on-Year to 3.4 million. Mr. Ladi Balogun, the Group Chief Executive, attributed this success to the Group’s strategic focus on building a technology-driven ecosystem to foster inclusive and sustainable growth. He expressed confidence in sustaining this positive trend, driven by greater scale and ongoing digitization efforts.
Source: Vanguard