FCMB Group Plc has announced its unaudited financial results for the six months ending June 30, 2025.

The Group reported a N79.3 billion profit before tax (PBT), representing a 23 per cent year-on-year increase, driven primarily by improved net interest income and asset yields.

Gross revenue for the period rose to N529.2 billion, reflecting a 41.3 per cent year-on-year increase from N374.5 billion recorded in the first half of 2024, supported mainly by a 70.3 per cent growth in interest income.

However, non-interest income declined by 35.1 per cent due to a N36.6 billion drop in currency revaluation gains compared to last year.

Net interest income almost doubled, rising from N106.2 billion in the previous year to N207.4 billion by June 2025.

The yield on earning assets improved to 20.2 per cent, leading to a net interest margin of 9.1 per cent, up from 6.3 per cent in the 2024 financial year.

The Group’s digital business—payments, lending and wealth services—also saw strong growth. Digital revenues increased by 60 per cent year-on-year, rising from N46 billion in June 2024 to N73.6 billion in June 2025.

Digital services now account for 13.9 per cent of total earnings.

Operating expenses rose by 46.1 per cent to N153.2 billion. The increase was due to higher personnel costs, regulatory expenses, technology costs and general inflationary pressures.

Despite this, the cost-to-income ratio improved to 57 per cent at the end of June 2025, compared to 59.9 per cent recorded at the end of 2024.

Net impairment losses on financial assets grew significantly to N36.2 billion every quarter, following FCMB Group’s banking subsidiary’s exit from the Central Bank of Nigeria’s loan forbearance programme.

This led to a rise in the cost of risk to 2.8 per cent, up from 1.8 per cent in the 2024 financial year.

After tax, profit increased by 23 per cent year-on-year, closing at N73.4 billion.

Each business division contributed to overall performance, with consumer finance reporting a profit before tax growth of 54.5 per cent, banking group reporting a profit before tax growth of 41.3 per cent and investment management recorded a 10 per cent growth.

Investment banking recorded a 48.9 per cent decline due to an exceptional one-time gain from a divestment in the previous year. In terms of contribution to the group’s PBT, the banking group accounted for 82 per cent while consumer finance held 11.6 per cent.