FCMB Group records N529.2bn in gross earnings

FCMB Group Plc has announced its financial results for the half-year period ended June 30, 2025, recording gross earnings of N529.2bn, representing a 41.3 per cent increase compared to N374.5bn posted in the corresponding period of 2024.

In its unaudited financial statements for the period ended March 31, 2025, and filed with the Nigerian Exchange Limited on Tuesday, the growth was primarily driven by a 70.3 per cent surge in interest and discount income, which rose to N458.4bn from N269.2bn in H1 2024. This strong performance reflects improved yields on earning assets and expansion in the Group’s loan book, which reached N2.38tn as of 30 June 2025.

Net interest income climbed to N207.4bn, up 95.3 per cent from N106.2bn in the same period last year. Despite this, interest expense rose by 54.1 per cent to N251.0bn, compared to N163.0bn in 2024.

Net fee and commission income also rose significantly by 51.3 per cent to N37.9bn from N25.1bn. This growth was aided by a 30.9 per cent rise in fee and commission income to N47.4bn, even as fee and commission expenses fell by 14.9 per cent to N9.5bn.

However, net trading income declined by 29.3 per cent to N22.2bn from N31.4bn, while other gains fell sharply to N696.3m from N37.1bn, reflecting lower revaluation and disposal gains on financial instruments.

Operating expenses increased across the board. Personnel expenses rose 34.4 per cent to N48.3bn, and depreciation and amortisation grew 24.8 per cent to N8.1bn, while general and administrative expenses jumped 59.4 per cent to N57.2bn.

Other operating expenses rose 49.4 per cent to N39.6bn.

Despite these cost increases, the Group delivered a profit before tax of N79.1bn, a 23.2 per cent rise from N64.2bn in H1 2024. After tax, profit stood at N73.4bn, reflecting a 23.4 per cent year-on-year growth from N59.5bn.

Other comprehensive income for the period was N6.9bn, up from N24.8bn in the previous year. This brings total comprehensive income for the Group to N80.3bn for H1 2025, slightly below the N84.3bn reported in H1 2024, due largely to lower unrealised gains from foreign currency translation differences.

Total assets as of June 30, 2025, stood at N7.54tn. Customer deposits rose 39.9 per cent to N4.54tn, while loans and advances to customers increased modestly to N2.38tn.

Shareholders’ equity grew 24.3 per cent to N746.6bn from N600.4bn a year earlier. However, basic and diluted earnings per share fell to N3.70 from N6.00, largely due to capital restructuring and changes in share count or earnings distribution.