During the first half of its fiscal year (H1), FCMB Group Plc reported a profit before tax (PBT) of N38.2 billion, up from N15.4 billion in the same time in 2022.
According to the bank’s unaudited six-month results, PBT increased by 148% while gross income increased by 88.7%, from N126.2 billion to N238.2 billion.
The bank claims that a rise in interest income of 51.9% and a rise in non-interest income of 2169.% are what are responsible for the increase in gross revenue.
From N1.64 trillion the year before, its deposits increased by 45.3% to N2.38 trillion this year.
Additionally, loans and advances increased by 37.4% to N1.54 trillion from N1.12 trillion in the prior quarter.
Assets under management (AUM) for the Group also increased by 23.6%, from N736.4 billion to N910.3 billion. The bank increased financing to the agricultural sector by 18.4% to N174 billion from N147.4 billion in 2022, helping to improve food security and import substitution in Nigeria during that time.
In addition, 24,000 rural farmers were given access to financing by the bank in collaboration with its many stakeholders, and 80,000 farming households were restored in the country’s North-East geopolitical zone.
According to its commitment to promoting renewable energy sources, the company successfully negotiated funding of up to N5 billion from regional development finance organizations for on-lending to clients in need of solar energy solutions.
By facilitating export and remittance flows worth approximately $160 million and $81 million respectively into the nation during the first half of 2023, the bank additionally encouraged foreign exchange flows.
Ladi Balogun, FCMB bank’s group chief executive, said: “We continue to leverage our unique group structure to build a technology-driven ecosystem that fosters inclusive and sustainable growth in the communities we serve. This strategy enables us to deliver robust performance despite the challenging domestic and global environment.”
“Barring unforeseen circumstances, we will sustain this trend and accompany it with improving efficiencies arising from greater scale and ongoing digitization. By democratizing access to comprehensive financial services, FCMB Group acquired an additional 869,000 customers, thereby increasing its customer base to 11.7 million for the six months ended June 30, 2023, as against 10.1 million in the corresponding period of 2022.”
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