FCMB Group Plc has recorded strong growth in its banking and non-banking operations, closing the 2024 financial year with total assets of N7.1 trillion. As of March 31, 2025, the Group’s total assets rose further to N7.4 trillion, reflecting its continued expansion and improved performance across core business lines.
The Group disclosed these details during its 12th Annual General Meeting held recently in Lagos. At the meeting, shareholders approved the financial statements for the 2024 financial year and backed several resolutions, including a final dividend of N0.55 per share. They also approved the election of board members, remuneration for the external auditors, and the inclusion of senior management pay details in the annual report.
According to FCMB Group, deposits stood at N4.3 trillion as of year-end 2024, while total loans grew by 28 per cent to N2.4 trillion. The company also reported that digital revenues reached N101.9 billion in 2024, representing 13 per cent of gross earnings. Its non-banking subsidiaries contributed over 30 per cent of total profits.
The Group’s Investment Management business saw its Assets Under Management (AUM) increase by 35 per cent to N1.4 trillion. FCMB Capital Markets recorded a 57 per cent growth in gross earnings and a 62 per cent increase in profit before tax.
The Group also focused on inclusive lending, with total loans to small businesses, agriculture, and women-led enterprises standing at N425 billion, N271 billion, and N30 billion respectively by the end of 2024.
On recapitalisation, FCMB said it is moving ahead with the second part of its public offer a N22.5 billion convertible note which is expected to close in the first half of 2025, subject to approval by the Central Bank of Nigeria. Other capital-raising activities, including equity offers and partial sale of minority stakes in its subsidiaries, are underway to meet the March 2026 recapitalisation deadline set by the CBN.
For the first quarter of 2025, FCMB Group posted gross earnings of N252.7 billion, up by 41 per cent from N179.1 billion recorded in the same quarter of 2024. Interest and discount income rose to N214.4 billion from N125.4 billion, driven by higher returns from lending and investment operations.
Net interest income grew to N87.5 billion from N55.4 billion, showing a 58 per cent increase. This was linked to improved cost efficiency and higher interest income from loans and advances. The Group also recorded a 57 per cent rise in fee and commission income, which increased from N11.9 billion to N18.8 billion.
FCMB’s trading income rose to N14.3 billion from N9.5 billion in Q1 2024, contributing to the rise in total profit. The Group reported a profit of N32.2 billion for the first quarter of 2025, up 12 per cent from the N28.8 billion recorded in the same period last year. This growth in profit came despite an increase in operating expenses, which rose to N75.5 billion from N52.9 billion.
As of March 31, 2025, total loans and advances had climbed to N2.4 trillion, up from N2.36 trillion as of December 31, 2024. Customer deposits also rose, reaching N5.21 trillion at the end of Q1 2025. The Group’s equity attributable to shareholders grew to N730.1 billion from N688.2 billion at the end of 2024, supported by retained earnings and capital base strengthening.
Total liabilities increased to N6.67 trillion from N6.37 trillion in the same period, largely due to growth in customer and interbank deposits. FCMB Group continues to position itself as a key player in Nigeria’s financial services industry through a mix of digital innovation, inclusive lending, and diversified business operations.
