FCMB Group Plc has posted a strong half-year performance, raking in N529.2bn in gross earnings for the period ending 30 June 2025. That’s a 41.3 per cent jump from the N374.5bn recorded during the same time last year.
The group’s unaudited results, filed with the Nigerian Exchange, show that interest and discount income rose sharply by 70.3 per cent to N458.4bn. This was largely due to improved returns on earning assets and a bigger loan book, which hit N2.38tn.
Net interest income nearly doubled to N207.4bn, up from N106.2bn last year. But interest expenses also went up, climbing 54.1 per cent to N251bn.
FCMB’s fee and commission income saw major gains too. It rose by 30.9 per cent to N47.4bn, while related expenses dropped by almost 15 per cent. Net fee and commission income settled at N37.9bn, marking a 51.3 per cent rise year-on-year.
Trading income, however, took a hit. It dropped by 29.3 per cent to N22.2bn. Other non-core income also dipped, sliding from N37.1bn to just N696.3m. The group blamed this on weaker gains from revaluations and asset sales.
Operating costs increased across the board. Personnel expenses went up 34.4 per cent to N48.3bn, while general administrative costs rose by 59.4 per cent to N57.2bn. Depreciation, amortisation, and other operating costs also recorded double-digit growth.
Despite cost pressures, FCMB still managed to grow profit before tax to N79.1bn, a 23.2 per cent increase from N64.2bn in the first half of 2024. After tax, the group declared a profit of N73.4bn.
Total comprehensive income stood at N80.3bn, slightly lower than last year’s N84.3bn. This was mainly due to lower foreign currency translation gains.
The group’s balance sheet remains solid. Total assets rose to N7.54tn, while customer deposits grew by 39.9 per cent to N4.54tn. Shareholders’ equity also improved, up by 24.3 per cent to N746.6bn.
One slight concern is that earnings per share dropped to N3.70 from N6.00, a decline the group linked to capital restructuring.
