FCMB Group Plc has continued to show strong growth in its digital business as it recorded a 69.2 per cent increase in digital revenue in the 2024 financial year. This was made known in its audited financial results released to the Nigerian Exchange Limited on Friday. According to the report, the bank’s digital revenue rose from N60.3 billion in 2023 to N101.9 billion at the end of 2024.
In the same period, the Group also gave significant support to small businesses and individuals. Over N350 billion was given out as loans to retail customers and small and medium-sized enterprises (SMEs) through its digital platforms. The report revealed that more than 1.6 million loans worth N148.8 billion were given to individual customers, while over 18,000 SME loans amounting to N208.2 billion were also disbursed through digital means.
The financial statement also showed that the Group’s digital wealth management business is growing fast. Assets under management in this segment increased from N15.1 billion in 2023 to N22.4 billion as of December 2024.
FCMB Group also reported a profit before tax of N111.9 billion for 2024, which is a 7.1 per cent increase compared to the previous year. Gross revenue went up by 53.9 per cent, reaching N794.4 billion by year-end. This was driven mainly by a 75.2 per cent rise in interest income and an 8.7 per cent increase in non-interest income.
Net interest income also went up by 27.6 per cent, reaching N225.3 billion. This growth came as a result of better returns on earning assets, even though there was a drop in net interest margin due to higher cost of funds.
Customer confidence in the bank remained strong as total deposits grew by 39.4 per cent. Deposits rose from N3.08 trillion in 2023 to N4.30 trillion in 2024.
Group Chief Executive of FCMB Group Plc, Mr. Ladi Balogun, said the Group is targeting even stronger performance in 2025. He mentioned that the company will focus on increasing its earnings per share by leveraging its digital transformation strategy, expanding non-banking businesses, and improving its overall market position.
He said, “We expect strong growth in earnings per share in 2025, helped by the progress in our non-banking services, a stronger balance sheet, and better digital products.”
To support this target, the Group plans to boost its net interest margins by improving its capital position. It will also continue expanding its digital payment and collection solutions to attract cheaper deposits. Additionally, it plans to strengthen its presence in premium retail and institutional banking.
The Group’s Consumer Finance business had an excellent year, posting an 83.5 per cent increase in profit before tax. Investment Management also recorded a 27.9 per cent rise. However, its Banking division, which makes up 69.5 per cent of total profit before tax, saw a 7.7 per cent drop due to a fall in net interest margins and other gains. Investment Banking profit declined by 35 per cent, mainly because of a one-time gain recorded in 2023 that didn’t repeat in 2024.
Overall, FCMB Group’s total assets jumped by 59.5 per cent from N4.42 trillion to N7.05 trillion. Loans and advances also rose by 28 per cent, ending the year at N2.36 trillion. Meanwhile, total assets under management in the Investment Management division grew by 35 per cent to N1.37 trillion.
The Group’s performance shows strong investor confidence and a solid path for future growth, especially in the digital and non-banking sectors.
