In 9 months, FCMB Group’s profit increased by 68.4%

FCMB Group Plc increased its profit before tax by 68.4% year on year to N26.5 billion for the nine months ended September 30, 2022, compared to N15.7 billion in the same period in 2021.

The Group’s unaudited nine-month results, which were released on the floor of the Nigerian Exchange Limited (NGX), showed double-digit growth across all business segments: Banking Group 74.8%, Consumer Finance 30.8%, Investment Management 47.1%, and Investment Banking 220.9%.

The diversified Group’s gross revenue increased by 33.9% to 200.1 billion in the nine months ending September 2022, up from 149.5 billion in 2021. The main drivers were a 33.1% increase in interest income and a 36.1% increase in non-interest income.

Net interest income increased by 42.3%, rising from 65.4 billion in the first nine months of 2021 to 93.1 billion in the same period of 2022.

Mr Ladi Balogun, Group Chief Executive Officer of FCMB Group Plc, commented on the results, saying, “We continue to leverage our unique group structure to build a technology-driven ecosystem that fosters inclusive and sustainable growth in the communities we serve.” This strategy enables us to deliver strong results despite a difficult domestic and global environment. We believe that, barring unforeseen circumstances, this performance trend will continue.”