First City Monument Bank (FCMB) posted a remarkable Profit Before Tax (PBT) of N111.9 billion for the financial year ending December 31, 2024. This represents a significant 71% growth compared to the previous year, despite challenges such as a 56.6% drop in revaluation income and a 1.9% decrease in Net Interest Margin. The bank’s gross revenue surged by 53.9% to N794.4 billion, driven by a 75.2% rise in interest income and an 8.7% increase in non-interest income. However, the non-interest income growth was partially offset by a sharp decline in other gains.
Net interest income grew by 27.6%, rising from N176.6 billion in 2023 to N225.3 billion in 2024. Yield on earning assets also improved to 16.2%, although the Net Interest Margin was impacted by a 122% increase in funding costs. Operating expenses saw a 45.7% increase to N229.1 billion due to higher personnel and regulatory costs, as well as inflationary pressures. Despite these challenges, FCMB successfully reduced its net impairment loss on financial assets by 30.7%, bringing it down to N41.2 billion.
The bank’s diversified operations saw positive growth, with consumer finance growing by 83.5% and investment management by 27.9%. However, the banking group itself experienced a 7.7% decline. FCMB’s loans and advances increased by 28%, reaching N2.36 trillion, and total assets grew by 59.5%, hitting N7.05 trillion. Customer deposits also saw a significant rise, growing by 39.4% to N4.30 trillion.
In line with the Central Bank of Nigeria’s (CBN) directive, FCMB focused on strengthening its capital base. The bank completed the first phase of its capital-raising programme, securing N144.6 billion through a public offer, which helped double the number of issued shares. This capital boost enabled FCMB to meet the requirements for both its National Banking License and International Banking License, increasing its capital adequacy ratio to 18% and strengthening its balance sheet.