FCMB Group Plc reported a 53.93% year-over-year (YoY) growth in gross earnings, reaching N794.8 billion for the year ending December 31, 2024, up from N516.3 billion in 2023.
The group’s profit before tax (PBT) increased by 12.32% YoY to N117.2 billion, compared to N104.4 billion the previous year. This growth was largely driven by a substantial rise in interest and discount income.
Key Financial Metrics (2024 vs. 2023):
- Gross Earnings: N794.8 billion (+53.93% YoY)
- Interest and Discount Income: N621.5 billion (+75.08% YoY)
- Interest Expense: N396 billion (+122.02% YoY)
- Net Interest Income: N225.4 billion (+27.66% YoY)
- Net Fee and Commission Income: N59.1 billion (+30.17% YoY)
- Net Trading Income: N60.8 billion (+568.48% YoY)
- Other Income: N3.4 billion (+387.29% YoY)
- Personnel Expense: N79.3 billion (+60.05% YoY)
- General and Administrative Expense: N86.7 billion (+36.08% YoY)
- Pre-Tax Profit: N117.2 billion (+12.32% YoY)
- Post-Tax Profit: N107.9 billion (+16.05% YoY)
Revenue Breakdown:
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- Interest and Discount Income: N621.5 billion, reflecting robust growth of 75.08% YoY, primarily from loans and advances to customers (69.6%), investment securities at amortized cost (17.6%), and other sources.
- Net Trading Income: N60.8 billion, driven by FGN bonds (N35.6 billion), foreign exchange trading (N19.31 billion), and Treasury Bills (N5.9 billion).
- Other Income: Increased to N3.4 billion, with rental income contributing N2 billion and gains from property sales adding N1.3 billion.
Expense Analysis:
- Interest expenses surged by 122.02% YoY, reaching N396 billion, largely attributed to deposits.
- Personnel costs rose to N79.3 billion, reflecting a 60.05% YoY increase, while general and administrative expenses grew by 36.08% to N86.7 billion.
Total Assets and Liabilities:
- Total Assets: N7 trillion (+59.1% YoY)
- Loans and advances to customers: N2.3 trillion
- Restricted reserve deposits: N1.4 trillion
- Investment securities: N1.1 trillion
- Total Liabilities: N6.3 trillion (+61.5% YoY)
- Customer deposits accounted for N4.2 trillion (66.8% of liabilities), while bank deposits totaled N891.2 billion (14.1%).
Despite rising expenses, FCMB Group maintained steady profitability, with PBT and post-tax profit growing by 12.32% and 16.05% YoY, respectively. The group’s robust financial performance underscores its resilience and ability to capitalize on market opportunities.