FCMB revenue hits N283 billion, profit surges by 61 per cent
FCMB Group Plc has released its audited group results for December 31, 2022, reporting a profit before tax (PBT) of N36.6 billion, representing a 61 per cent year-on-year (y/y) growth.
Double-digit growth was recorded across all business segments, with the banking group growing by 71.7 per cent, while the consumer finance, investment management and investment banking segments grew by 25.6, 45.7 and 26.7 per cent respectively.
The company, which proposed a dividend of 25 kobo per share also delivered impressive environmental, social and governance results in climate action, financial inclusion, food security, community initiatives, customer acquisition and digital transformation.
It switched 12 additional branches to solar power in 2022, removing 75 per cent of its branch network from grid/diesel generators, and provided micro-loans totalling N13 billion to 120,000 MSMEs, a statement by the bank said.
The agency banking arm extended its partnership to 100,000, acquiring over 211,000 customers. Working alongside partners, FCMB supported 280,000 smallholder farmers, created over 600,000 jobs and helped to deliver Africa’s first cassava-based sorbitol factory.
The Group’s impressive financial results also showed a 35.5 per cent growth in gross revenue to N283 billion from N212 billion the previous year. It was driven by a 35.5 per cent growth in interest income and a 26.9 per cent growth in non-interest income.
Customer confidence remained strong as deposits rose 25.1 per cent to N1.94 trillion from N1.55 trillion posted the previous year while loans and advances witnessed a 12.4 per cent surge to N1.2 trillion as against N1.06 trillion recorded.
The Group’s total assets increased by 19.6 per cent, from N2.5 trillion to N2.98 trillion.