FCMB Group Plc recorded a significant 53.93% increase in gross earnings for the year ended December 31, 2024, reaching N794.8 billion compared to N516.3 billion in 2023. The financial report, released on January 30, 2025, on the Nigerian Exchange (NGX), also revealed a pre-tax profit of N117.2 billion, marking a 12.32% year-over-year growth from N104.4 billion in the previous year.
Key Financial Highlights (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
Interest and discount income surged to N621.5 billion, up from N354.9 billion in 2023. Loans and advances to customers accounted for 69.6% of this total at N433 billion, while investment securities contributed 28.2%. Despite a sharp increase in interest expenses (+122.02% YoY), net interest income still rose by 27.66% to N225.4 billion.
Trading and Other Income Growth
Net trading income saw a remarkable 568.48% increase, reaching N60.8 billion, driven by gains from FGN bonds (N35.6 billion), foreign exchange trading (N19.31 billion), and Treasury Bills (N5.9 billion). Other income also grew significantly, rising 387.29% to N3.4 billion, primarily from rental income and asset sales.
Operating Costs and Profitability
Personnel expenses climbed by 60.05% to N79.3 billion, while general and administrative expenses rose to N86.7 billion (+36.08% YoY). Despite these increases, FCMB Group achieved a 12.32% growth in pre-tax profit and a 16.05% rise in post-tax profit, reaching N107.9 billion.
Asset Growth and Liabilities
Total assets expanded significantly to N7 trillion from N4.4 trillion in 2023, driven by increased loans and advances (N2.3 trillion), restricted reserve deposits (N1.4 trillion), and investment securities (N1.1 trillion). Liabilities also grew, reaching N6.3 trillion, with customer deposits making up the largest portion at N4.2 trillion (66.8% of total liabilities).
FCMB Group’s strong performance in 2024 highlights its resilience and strategic growth, with robust revenue expansion and asset accumulation positioning it for continued success.
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