FCMB group records 73.2% profit growth of N15.4bn H1 2022
Lagos: July 28, 2022: For the six months ended June 30, 2022, FCMB Group Plc has reported better-than-impressive Earnings, Revenue, Deposits, Loans and Asset Under Management growth, and impressive environmental, social, and corporate governance scorecard.
The Group recorded a profit before tax of N15.4 billion, a 73.2% year-on-year growth compared to N8.9 billion in 2021 and double-digit growth across its business segments: 84.2% in the Banking Group, 42.7% in Consumer Finance, 41.9% in Investment Management, and 253.8% in Investment Banking.
Gross revenue was up 34% to N126.2 billion from January to June this year, as against N94.2 billion in H1, 2021. These were the highlights of the Group’s unaudited half-year results released on the floor of the Nigerian Exchange Limited (NGX) on Tuesday, July 26, 2022, in Lagos.
Commenting on the half-year financial results, the Group Chief Executive of FCMB Group Plc, Mr Ladi Balogun, said:
“We continue to leverage our unique group structure to enable a technology-driven ecosystem of platforms, customers, partners, talents, and capital to contribute to the sustainable and inclusive growth of the communities we serve. We believe that despite the challenging domestic and global environment, FCMB Group is well positioned to sustain its performance trend in financial and non-financial metrics”.
In compliance with its commitment to safeguarding the environment, FCMB Group further reduced its carbon footprint by moving eight (8) branches of its retail and commercial banking subsidiary to Solar Power. Thus, taking the number of First City Monument Bank (FCMB) Limited branches running on renewable energy to 150 (73% of its branch network) – from grid/diesel generators to solar power.
In the period under review, the Bank disbursed over 442,000 loans, totalling N21.0 billion, to more than 171,000 persons via its digital channels in the first six months of 2022.