In the year ending December 31, 2023, FCMB Group Plc experienced substantial growth across various financial aspects. The company recorded a profit before tax of ₦104.4 billion, marking a 186% year-on-year (YoY) increase from ₦36.6 billion in 2022. This growth was observed across its business segments: Banking Group (212.6%), Consumer Finance (67.3%), Investment Management (40%), and Investment Banking (89.7%).
Demonstrating its commitment to sustainability and food security, FCMB Group increased lending to the agricultural sector by 38.4% to N204.3 billion in 2023, supporting over 300,000 smallholder farmers, including 56% women. The bank also facilitated over $700 million in export flows and $100 million in remittance flows into Nigeria.
FCMB Group prioritized environmental conservation by transitioning six more retail and commercial branches of First City Monument Bank Limited to solar power in the previous year, raising the total solar-powered branches to 160, which accounts for 78% of the overall branches. The Bank secured up to N13 billion in local development finance for solar energy solution lending, reinforcing its commitment to renewable energy.
During the same period, FCMB Group’s customer base expanded by 15.6% year-on-year (YoY) from 10.9 million to 12.5 million as of December 2023. The user base of its mobile app, which offers lending, wealth management, and payment solutions, grew by 31% YoY to 3.4 million. The bank’s agency banking network reached over 164,000 agents. With an increased customer base, a broader distribution platform, and AI-driven loan underwriting processes, the Group disbursed over 1.5 million loans worth N100.8 billion to individuals, N14.4 billion to micro-enterprises, and N177.9 billion to SMEs.
Group Chief Executive of FCMB Group Plc, Mr. Ladi Balogun, commented on the results, saying:
FCMB Group continues to capitalize on its unique Group structure to establish a technology-driven ecosystem that fosters inclusive and sustainable growth in the communities it serves. This strategy allows the company to maintain robust performance despite challenging domestic and global conditions. The Group anticipates this trend to persist and be accompanied by improving efficiencies resulting from increased scale and ongoing digitization.
During the period ending December 2023, FCMB Group demonstrated significant growth across various market fundamentals. Gross revenue reached N516.4 billion, marking an 82.5% increase from N283 billion in the previous year. Net interest income grew by 44.8%, rising from N122 billion in 2022 to N176.6 billion in 2023. Customer confidence in the bank remained strong, as deposits increased by 58.5% year-on-year (YoY) from N1.94 trillion to N3.08 trillion. Simultaneously, loans and advances grew by 54% from N1.20 trillion to N1.84 trillion. The Group’s total assets increased by 48.3% from N2.98 trillion to N4.42 trillion by the end of December 2023.
FCMB Group’s Assets Under Management experienced a 29.6% growth, rising from N783.7 billion to N1.02 trillion in the previous year. The value of investment banking transactions completed by the Group reached N945.3 billion for the period ended December 2023, compared to N857.1 billion during the same period in the previous year.
