FCMB Group recorded a profit before tax of N64.2 billion in the first half of 2024, a 68% increase from N38.2 billion in the same period of 2023.
The group also saw a 57% year-on-year rise in gross earnings, reaching N374.5 billion and this was driven largely by an 81% increase in interest income to N269.2 billion. Net profit for the period was N59.5 billion, also up 68% year-on-year.
The group’s net interest income grew by 47% to N106.2 billion, while net impairment losses decreased by 33% to N31.3 billion.
Key financial metrics included a net interest margin of 28.4%, net fee and commission income of N25.1 billion, and net trading income of N31.4 billion. Total assets rose by 34% to N5.95 trillion, and customer deposits increased by 26% to N3.9 trillion.
FCMB Group’s borrowings surged by 162% to N357.4 billion, with significant loans from Afrexim bank.
The micro-lending subsidiary, Credit Direct Limited, posted a profit after tax of N3.9 billion and revenue of N16.5 billion. FX transactions saw notable growth, with FX trading income rising to N15.5 billion from N922 million in H1 2023.