FCMB Group Plc stands as a testament to resilience, innovation, and strategic foresight in Nigeria’s financial landscape. With a robust financial performance in 2024 and a promising start to 2025, the Group is poised to continue its trajectory of growth, leveraging its diversified business model and commitment to inclusive economic development.

In the fiscal year ending December 31, 2024, FCMB Group reported a profit before tax (PBT) of ₦111.9 billion, marking a 7.1 per cent increase from the previous year. This growth was driven by a 53.9 per cent rise in gross revenue, which reached ₦794.4 billion. Interest income surged by 75.2 per cent, while non-interest income grew by 8.7 per cent. Net interest income increased by 27.6 per cent to ₦225.3 billion, supported by improved yields on earning assets, despite a decline in net interest margin due to higher funding costs.

The Group’s total assets expanded by 59.5 per cent year-on-year to ₦7.05 trillion, up from ₦4.42 trillion. Loans and advances increased by 28 per cent to ₦2.36 trillion, reflecting the Group’s commitment to supporting business and economic activity. Customer deposits grew by 39.4 per cent to ₦4.30 trillion, indicating strong market confidence.

FCMB Group has embraced digital transformation as a core component of its strategy. In 2024, digital revenues grew by 69.2 per cent to ₦101.9 billion. The Group disbursed over 1.6 million retail loans worth ₦148.8 billion and more than 18,000 SME loans totaling ₦208.2 billion through digital channels. Assets Under Management (AUM) in digital wealth management rose to ₦22.4 billion, up from ₦15.1 billion in the prior year.

This digital shift has enhanced customer experience, improved operational efficiency, and expanded the Group’s reach, particularly among underserved segments.

FCMB Group remains committed to fostering inclusive economic growth by supporting SMEs. In 2024, the Group disbursed over ₦208 billion in SME loans through its digital platforms. This initiative not only empowers local businesses but also contributes to job creation and economic diversification.

To strengthen its capital base and comply with regulatory requirements, FCMB Group successfully raised ₦144.6 billion through a public offer in 2024. This capital infusion secured the national banking license for its banking subsidiary. Further capital-raising plans are underway to meet the Central Bank of Nigeria’s minimum capital requirement for an international banking license.

The Group’s performance in the first quarter of 2025 reflects its continued growth trajectory. FCMB reported a PBT of ₦35 billion for Q1 2025, an 11.73 per cent year-on-year increase. Gross earnings reached ₦252.69 billion, surpassing the Q1 2025 projection of ₦239.39 billion by 5.6 per cent. Interest income rose by 71 per cent to ₦214.36 billion, accounting for 84 per cent of gross earnings. Fees and commission income grew by 43.4 per cent year-on-year to ₦24.29 billion. Trading income from foreign exchange, FGN bonds, and treasury bills amounted to ₦14.34 billion.

The Group’s total assets increased by 5 per cent from ₦7.05 trillion in December 2024 to ₦7.40 trillion in March 2025. Loans and advances grew by 3.4 per cent to ₦2.44 trillion, supporting business and economic activity.

The Group’s diversified business model has been instrumental in its growth. In 2024, the Banking segment accounted for 81.4 per cent of profits, followed by Consumer Finance (11.7 per cent), Investment Management (5.0 per cent), and Investment Banking (0.7 per cent). This diversification provides a balanced revenue stream and mitigates risks associated with market fluctuations.

For instance, Nigerian banks started making a bet on fintech in 2017 with FCMB evolving its consumer finance subsidiary, Credit Direct, into a fintech platform. Since entering the fintech space, it has experienced mostly good outcomes. In 2024, FCMB’s Credit Direct posted a net profit of N7.9 billion, surpassing many of its pairs.

Credit Direct recorded an after-tax profit of N7.9 billion in FY 2024—a robust 79 percent increase from the N4.4 billion posted in 2023. This performance positioned the platform as the second most profitable subsidiary within the Group, trailing only First City Monument Bank, which delivered a net profit of N54.1 billion.

The lending platform reported an interest income of N39.8 billion for FY 2024, reflecting an impressive 85 percent increase from N21.4 billion in FY 2023. Credit Direct’s impairment charge-to-interest income ratio declined to 3.3 percent in 2024, down from 6.3 percent the previous year—underscoring a marked improvement in the quality of its loan portfolio.

Looking ahead generally, FCMB Group aims to optimize net interest margins through a stronger capital position, expand digitally enabled payments and collections solutions to achieve low-cost deposit funding, and deepen engagement in premium retail and institutional banking. Consumer finance is expected to maintain its strong momentum, supported by digital innovation and new product offerings, while Investment Banking aims to capitalize on increased capital market activities. Investment Management is expected to continue its steady growth.

The Group’s leadership remains optimistic about its prospects, citing its unique group structure and technology-driven ecosystem as key drivers of success. By leveraging its strengths and building on its successes, FCMB Group is poised to reinforce its reputation as a leader in the financial sector, driving inclusive and sustainable growth and delivering value to its stakeholders.

FCMB Group’s performance in 2024 and the first quarter of 2025 underscores its resilience, strategic foresight, and commitment to innovation. Through its diversified business model, focus on digital transformation, and support for SMEs, the Group is well-positioned to navigate the evolving financial landscape and contribute to Nigeria’s economic development.