Digital operations account for 12% of FCMB’s revenue

FCMB Group Plc has announced its financial results for the first quarter of 2023, demonstrating the continued success of its digital banking initiatives across various business segments.

Digital banking initiatives have gained significant traction within FCMB, contributing to its overall performance. In the first quarter, digital revenues accounted for 12 per cent of gross earnings, equivalent to N10 billion.

The substantial growth highlights the Group’s commitment to leveraging digital solutions to enhance customer experiences and drive financial inclusion, a statement by the bank said.

The impact of digitalisation was evident across FCMB Group’s various business lines. In terms of interest income, digital revenues accounted for eight per cent (₦5.2 billion), reflecting customers’ increasing adoption of digital banking services.

Also, digital initiatives contributed 6.4 per cent (₦76.3 billion) of the loan book, showcasing the Group’s focus on digital lending solutions.
Digital channels accounted for seven (₦10.0 billion) of the assets under management (AUM) in the Group’s asset management business.

Commenting on the results, the Group Chief Executive, Ladi Balogun, said: “We continue to leverage our unique group structure to build a technology-driven ecosystem that is fostering 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 believe our growth trend will be sustained and accompanied by improving efficiencies arising from greater scale and ongoing digitisation.”