First City Monument Bank (FCMB) Group Plc has announced a profit after tax of N73.34 billion for the financial year ended December 31, 2024. This marks a drop from the N90.02 billion recorded in 2023, despite a N144.6 billion capital injection through a public offer.
The financial update was contained in the bank’s audited earnings report filed with the Nigerian Exchange Limited on Friday.
According to the bank, the newly raised capital had little effect on its 2024 earnings because of regulatory approvals which were only completed in December 2024. However, FCMB expressed optimism that the capital boost will significantly impact its profitability in 2025.
The Group posted a profit before tax of N111.9 billion, showing a 7.1 per cent growth from the previous year. But due to tax-related adjustments, the after-tax profit dropped.
In a statement contained in the report, FCMB explained that it will rely on three key strategies to drive future growth. These include using its stronger capital base to boost interest margins, improving its digital payment and collection services to reduce funding costs, and expanding its reach in premium retail and institutional banking segments.
To align with the Central Bank of Nigeria’s recapitalisation directive, FCMB successfully completed the first phase of its capital raise, which doubled its issued shares from 19.8 billion in 2023 to 39.6 billion in 2024.
The Group also stated that the remaining stages of its capital plan are geared towards ensuring that FCMB Limited meets the minimum capital requirement needed to keep its international banking licence.
