FCMB Group Plc recorded a significant 53.93% year-over-year increase in gross earnings, reaching N794.8 billion as of December 31, 2024, compared to N516.3 billion in 2023.
The company’s pre-tax profit also grew by 12.32% year-over-year to N117.2 billion, up from N104.4 billion in 2023, driven by a substantial rise in interest and discount income. This financial report was released on the Nigerian Exchange (NGX) on January 30, 2025.
Key Financial Highlights (2024 vs. 2023)
• Gross earnings: N794.8 billion (+53.93%)
• Interest and discount income: N621.5 billion (+75.08%)
• Interest expense: N396 billion (+122.02%)
• Net interest income: N225.4 billion (+27.66%)
• Net fee and commission income: N59.1 billion (+30.17%)
• Net trading income: N60.8 billion (+568.48%)
• Other income: N3.4 billion (+387.29%)
• Personnel expense: N79.3 billion (+60.05%)
• General and administrative expense: N86.7 billion (+36.08%)
• Pre-tax profit: N117.2 billion (+12.32%)
• Post-tax profit: N107.9 billion (+16.05%)
Strong Interest and Trading Income Drive Growth
Interest and discount income surged 75.08% year-over-year to N621.5 billion, up from N354.9 billion in 2023. However, interest expenses also saw a sharp rise, increasing by 122.02% to N396 billion, with deposit-related expenses making up a significant portion.
Despite this, net interest income rose to N225.4 billion, reflecting a 27.66% increase from the previous year’s N176.5 billion. Additionally, net fee and commission income climbed 30.17% to N59.1 billion, while net trading income experienced an extraordinary 568.48% surge, reaching N60.8 billion from N9.1 billion in 2023.
The spike in trading income was primarily attributed to:
• FGN bonds trading income: N35.6 billion
• Foreign exchange trading income: N19.31 billion
• Treasury Bills trading income: N5.9 billion
Other income also saw a remarkable 387.29% increase, reaching N3.4 billion, mainly driven by:
• Rental income: N2 billion
• Gains from the sale of property and equipment: N1.3 billion
Expenses on the Rise but Profits Remain Strong
Personnel costs increased by 60.05% to N79.3 billion, with wages and salaries accounting for N58.5 billion. General and administrative expenses also grew 36.08% year-over-year to N86.7 billion.
Despite rising costs, FCMB Group achieved a pre-tax profit of N117.2 billion, up 12.32% from N104.4 billion in 2023, while post-tax profit climbed 16.05% to N107.9 billion.
Total Assets and Liabilities See Significant Growth
The company’s total assets expanded to N7 trillion as of December 31, 2024, up from N4.4 trillion the previous year. This growth was primarily driven by:
• Loans and advances to customers: N2.3 trillion
• Restricted reserve deposits: N1.4 trillion
• Investment securities: N1.1 trillion
Total liabilities also increased to N6.3 trillion from N3.9 trillion in 2023, with customer deposits making up the largest share:
• Customer deposits: N4.2 trillion (66.8% of total liabilities)
• Deposits from banks: N891.2 billion (14.1%)
FCMB Group’s strong performance in 2024 reflects robust revenue growth, strategic investments, and improved trading income, positioning the company for continued success in the coming years.
