FCMB Group Plc announced impressive first-quarter 2024 financial results, with profit before tax rising 192.6% Year-on-Year to N31.3 billion compared to N10.7 billion in the same period in 2023.
All of the Group’s business segments demonstrated
significant growth, with Investment Banking leading at 228.1%, Consumer Finance
at 165.4%, Banking Group at 157.2%, and Investment Management at 74.3%.
According to the bank, this impressive performance across
all business segments directly results from FCMB Group’s strategic initiatives,
which align perfectly with its purpose of fostering inclusive and sustainable
growth in the communities it serves.
FCMB Group said it recorded a substantial 104.8% growth in
gross revenue during the three months (January to March 2024), rising to N179.1
billion from N87.4 billion for the same period the prior year.
The bank said this growth was driven by an 89.9% growth in
interest income and a 150.9% growth in non-interest income, saying that
additionally, customer confidence remained strong, with deposits rising by
63.2% year-over-year, from N2.0 trillion to N3.3 trillion at the end of March
2024.
The Group Chief Executive of FCMB Group Plc, Mr. Ladi
Balogun, expressed confidence that the growth trend will be sustained.
He said: “We 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 in spite of the challenging domestic and global environment.
Barring unforeseen circumstances, we believe our growth trend will be sustained
and accompanied by improving efficiencies arising from greater scale and
ongoing.”
The group said despite the challenging business environment,
it increased its contribution to economic growth by extending loans and
advances to N2.2 trillion, a 85.4% increase, Year-on-Year, from N1.2 trillion
in the corresponding period of 2023.
The bank added that net interest income increased by 74.5%,
from N31.7 billion in the first quarter of 2023 to N55.4 billion in the first
quarter of 2024, adding that the total assets increased by 68.5%, from N3.1
trillion to N5.2 trillion.
“Assets Under Management (AUM) grew 35.0% Year-on-Year, from
N830 billion to N1.02 trillion at the end of March 2024. This highlights the
Group’s investment management expertise and ability to create value for its
clientele.
“The agency banking business extended its network to over
165,000 agents, acquiring over 300,000 customers between January and March
2024. FCMB expanded its customer base to 12.8 million within the quarter,” the
bank said.
FCMB Group, a financial services holding company
headquartered in Lagos, Nigeria, and listed on the Nigerian Exchange Group
(NGX), has strategic interests in companies serving over 12.8 million customers
across five platforms – banking, consumer finance, investment management,
investment banking, and financial technology.
The Group and its subsidiaries are building a supportive
ecosystem that fosters inclusive and sustainable growth in their communities,
in Africa, its diaspora, and the United Kingdom.
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