FCMB Profit Grew by 206 Percent to N95.52 billion from N31.13 billion

First City Monument Bank (FCMB), a tier 2 institution, reported its greatest profit in ten years, increasing by 206% to N95.52 billion from N31.13 billion in 2022.

For the entire year 2023, FCMB’s earnings before tax increased to N101.46 billion, a 177.4% increase from 2022.

The business reported gross earnings of N516.8 billion for the year, increasing 82.6 percent from 2022, in its unaudited annual report and financial accounts for 2023.

The financial institution saw a 45.4 percent increase in net interest revenue from 2022 to 2023, or N177.42 billion. This indicates that interest income was higher for the company.

In terms of net income, FCMB Group reported a growth of 206.9 percent, with net income of N95.52 billion in 2023 as opposed to N31.13 billion in 2022.

In 2023, its overall comprehensive income increased by 306 percent to N145.69 billion, thanks to a gain of N26.52 billion on foreign exchange translation discrepancies.

In 2023, the Group reported N11.09 billion in trading income on FGN bonds, a 98.3 percent rise over 2022.

The FCMB Group greatly increased the value of its securities holdings in the fiscal year 2023, bringing its total to N478.23 billion. When compared to the N255.87 billion reported in the previous year, 2022, this amount represents an increase of 86.9%.

Notably, the Federal Government of Nigeria (FGN) bonds, totaling N380.27 billion, received the majority of this investment. This is a significant rise of 94.6 percent above the N195.37 billion the group allotted to FGN bonds during the fiscal year 2022.

The bank has created a wide range of financial solutions over the years that are specifically designed to assist Nigerians in building and preserving their wealth.

From accumulation to preservation, these special offers cover every phase of the wealth-building process. These include pension plans, wealth and investment management, target and premium savings, and estate planning services including trusts and wills.

With their focus on upwardly mobile professionals and entrepreneurs, the target and premium savings plans provide a strong foundation for future financial success. High-net-worth individuals are served by wealth and investment management services, which help them accumulate and protect their assets for the future.

Recently, FCMB was honored for taking the lead in assisting small and medium-sized businesses and environmentally friendly initiatives.

According to FCMB CEO Yemisi Edun, the bank’s relationship with the Development Bank of Nigeria enables SMEs to grow and make a substantial contribution to the country’s economic development, earning it the title of Deposit Money Bank with the biggest impact in the DBN priority states.

“We are honored to have been named the Participating Financial Institution with the Highest Disbursement to Green Projects and the Deposit Money Bank with the Highest Impact in the DBN Focus States.” These honors demonstrate our dedication to exceeding both the needs of our clients and the larger business community, according to Edun.

Edun states that the goal of FCMB is to teach more than a million SMEs with the help of Technical Assistance valued at €325,000 from the African Development Bank (AfDB) and €325,000 from Proparco, the French Development Agency’s private sector arm.

The bank has significantly increased loan disbursements and improved customer experiences by streamlining its lending procedures through the use of digital channels and artificial intelligence.

April 25, 2024