FCMB Group Plc has released its audited group results for December 31,2022, reporting a Profit before Tax (PBT) of N36.6 billion, representing a 61 per cent Year-on-Year growth.
Double-digit growth was recorded across all business segments, with the banking group growing by 71.7per cent, while the consumer finance, investment management, and investment banking segments grew by 25.6 per cent, 45.7 per cent, and 26.7 per cent.
The company, which proposed a dividend of 25k per share, also delivered impressive Environmental, Social and Governance (ESG) results in climate action, financial inclusion, food security, community initiatives, customer acquisition, and digital transformation.
It switched 12 additional branches to solar power in 2022, removing 75 per cent of its branch network from grid/diesel generators, and provided micro-loans totaling N13 billion to 120,000 Micro, Small and Medium Enterprises (MSMEs).
The agency banking arm extended its partnership to 100,000, acquiring over 211,000 customers. Working alongside partners, FCMB supported 280,000 smallholder farmers, created over 600,000 jobs, and helped deliver Africa’s first cassava-based Sorbitol Factory.
The Group’s impressive financial results also showed a 35.5 per cent
growth in gross revenue to N283 billion from N212 billion the previous
year. It was driven by a 35.5 per cent growth in interest income and a
26.9 per cent growth in non-interest income.
Customer confidence remained strong as deposits rose 25.1 per cent to
N1.94 trillion in December 2022, from N1.55 trillion the previous
year, while loans and advances witnessed a 12.4 per cent surge to
N1.20 trillion as against N1.06 trillion in 2021.
The Group’s total assets increased by 19.6 per cent from N2.50
trillion to N2.98 trillion in December 2022.
Investment banking (advisory and primary debt and equity capital
markets) transaction value consummated by the Group rose to N857.1
billion in 2022, compared to N582.9 billion in 2021.
This delivered a 47 per cent growth in fees from capital raise and
financial advisory services over the period. The financial service
Group’s Assets Under Management (AUM) also sustained its growth
trajectory, rising to N783.7 billion in 2022, up by 49.0 per cent from
N525.7 the prior year.
Net interest income grew 34.2 per cent to N122.0 billion for the first
12 months of 2022, compared to N90.9 billion in 2021. This was driven
by a growth in the yield on earning assets from 11.0 per cent to 12.7
per cent, which increased Net Interest Margin (NIM) from 6.2 per cent
to 7.0 per cent.
FCMB Group is a financial services holding company listed on the
Nigerian Exchange Group (NGX) and headquartered in Lagos. The Group
has strategic interests in companies that collectively serve over 10
million customers across five platforms: banking, consumer finance,
investment management, investment banking and financial technology.
The Group and its subsidiaries are building and driving an ecosystem
that fosters inclusive and sustainable growth in their communities,
primarily in Africa, its Diaspora, and the United Kingdom.