Breaking News: FCMB Group, the parent company of First City Monument Bank (FCMB), has declared an astonishing N374.5 billion profit for the first half of 2024. This figure represents a significant 57% increase from the N213.5 billion profit reported in the first half of 2023.
9AM News Nigeria highlights that most of FCMB Group’s earnings came from ‘interest income earnings,’ which amounted to N269.2 billion—a remarkable 81% rise from last year’s N149 billion.
Additionally, FCMB (bank only) reported a net income of N106.2 billion, with a net profit of N59.5 billion, marking a 68% increase from the N35.4 billion declared in H1 2023. FCMB’s financial report also showed a decrease in losses during H1 2024, with losses falling to N31.3 billion from the previous year’s H1 report of a N47.1 billion loss.
Highlights of FCMB Group’s H1 2024 Financial Report and Comparison to H1 2023
- Total earnings: N374.5 billion (up by 57% from H1 2023)
- Income from interest and others: N269.2 billion (up by 81% from H1 2023)
- Income from interest only: N106.2 billion (up by 47% from H1 2023)
- Net interest margin: 28.4% (down by 2% from H1 2023)
- Total fee and commission income: N25.1 billion (up by 9% from H1 2023)
- Total trading income: N31.4 billion (up by 281% from H1 2023)
- Unrealized Forex earnings: N35.2 billion (down by 31% from H1 2024)
- Pre-tax Profit: N64.2 billion (up by 68% from H1 2023)
- Total worth of assets: N5.95 trillion (up by 34% from H1 2023)
Ogasabi reports that FCMB Group’s earnings from interest payments soared to N382 billion, an unprecedented 101% rise from the previous N189 billion in H1 2023. This sharp rise in profits is attributed to the hike in interest rates imposed by the Central Bank of Nigeria to curb rising inflation—a policy that has greatly benefited Nigerian banks.
Customer deposits increased to N3.9 trillion in H1 2024, up from N3.1 trillion in H1 2023. Total loans disbursed to customers rose by 32%, amounting to N2.4 trillion in H1 2024, compared to N1.8 trillion in H1 2023.
Borrowings by FCMB Group also saw a significant increase, amounting to N357.4 billion in H1 2024, up from N136.5 billion in H1 2023. Most of these borrowings came from Afrexim Bank, which provided a total of N112.6 billion in H1 2024.
Salaries, wages, and compensations consumed a total of N26.6 billion, showing a 74% increase from the N15.2 billion recorded in H1 2023.
The micro-lending wing of FCMB Group, Credit Direct Ltd, declared a revenue of N16.5 billion and a profit of N3.9 billion.
Assets stored in foreign banks
9AM News Nigeria reveals that FCMB Group’s financial report also included N660 billion in total financial assets reserved with foreign banks, marking a 74% rise from the previous figure of N376.3 billion in H1 2023. Furthermore, they declared a Forex trading profit of N15.5 billion, a tremendous increase from the N922 million reported in H1 2023.
As FCMB Group continues to grow, Ogasabi, 9AM News, and 9AM News Nigeria will keep a close watch on their progress and future financial achievements.
