HomeBusinessFCMB Group profit surged by 192% in Q1

FCMB Group profit surged by 192% in Q1

FCMB Groupโ€™s profit before tax jumped by 192.6 per cent to N31.3bn in the first quarter of 2024.

According to the financial results of FCMB for Q1, filed with the Nigerian Exchange Limited, all of the groupโ€™s business segments demonstrated significant growth.

Investment banking led the group growth, improving by 228.1 per cent, followed by consumer finance, banking group and investment management, which were up by 165.4 per cent, 157.2 per cent, and 74.3 per cent, respectively.

ย FCMB Groupโ€™s gross revenue went up by 104.8 per cent to N179.1bn in the three months of the year, driven by an 89.9 per cent growth in interest income and a 150.9 per cent growth in non-interest income.

Additionally, customer deposits rose by 63.2 per cent year-over-year, from N2.0tn to N3.3tn at the end of March 2024.

The Group Chief Executive of FCMB Group Plc, Mr Ladi Balogun, commenting on the Q1 results, posited that the group would continue to leverage technology to foster growth.

โ€œWe 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 is enabling us to deliver robust performance despite the challenging domestic and global environment.

โ€œBarring unforeseen circumstances, we believe our growth trend will be sustained and accompanied by improving efficiencies arising from greater scale and ongoing digitisation,โ€ he said.

Meanwhile, the group has revealed that it would be seeking shareholdersโ€™ approval to raise about N150bn in additional capital to meet the new capital threshold set by the Central Bank of Nigeria.

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