FCMB Profit increases by 192.6% to N31.3bn in Q1

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FCMB Group’s profit before tax has seen a massive surge of 192.6% to N31.3 billion in the first quarter of 2024. The financial results filed with the Nigerian Exchange Limited reveal that all segments of the group’s business have experienced significant growth.

Investment banking recorded the highest growth rate of 228.1%, followed by consumer finance, banking group, and investment management at 165.4%, 157.2%, and 74.3%, respectively. The group’s gross revenue has also surged by 104.8% to N179.1 billion in the three months, driven by an 89.9% growth in interest income and a 150.9% growth in non-interest income.

Moreover, customer deposits have increased by 63.2% year-over-year, reaching N3.3 trillion by the end of March 2024 from N2.0 trillion. Mr Ladi Balogun, the Group Chief Executive of FCMB Group Plc, has highlighted the group’s commitment to leveraging technology for growth while commenting on the impressive Q1 results.

Source: PUNCH

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