The Nation Newspaper

Tag: FCMB group

  • FCMB Group posts N35b Q1 profit

    FCMB Group posts N35b Q1 profit

    First City Monument Bank (FCMB )Group Plc , reported a profit before tax (PBT) of N35 billion for the first quarter ended March 31, 2025. Gross revenue grew 41.1per cent year-on-year to N252.7 billion, surpassing its Q1 forecast of N226.9 billion, driven by a 58per cent increase in net interest income.

    The Group recorded a five per cent growth in total assets from N7.05 trillion in December 2024 to N7.40 trillion as at March 2025. Loans and advances also grew by 3.4per cent over the same period to N2.44 trillion, supporting business and economic activity.

    The Banking Group accounted for 81.4 per cent of profits, followed by Consumer Finance, 11.7per cent, Investment Management, 5.0 per cent , and Investment Banking, 0.7 per cent .

    READ ALSO: Dangerous lust

    Net interest margins grew to 8.3per cent from 5.4per cent in Q4 2024, driven by a 200 basis points drop in the cost of funds and a higher yield on earning assets of 20.2per cent. The Group linked the improvement to early benefits of the capital raised in 2024 and an improvement in the low-cost deposit liabilities.

    Group Chief Executive Ladi Balogun said that the diversified financial services group will continue to leverage its group structure to drive an ecosystem that will foster inclusive and sustainable growth.

    Analysts say FCMB Group’s diversified revenue structure and strengthened capital position provide a positive outlook for the rest of the financial year.

  • FCMB Group assets hit N7.1tr

    FCMB Group assets hit N7.1tr

    FCMB Group Plc has announced its financial performance for the year ended 2024, showcasing significant revenue generation and a substantial increase in total assets.

    At its 12th Annual General Meeting held in Lagos, the financial institution announced that its total assets reached an impressive N7.1 trillion, with customer deposits hitting N4.3 trillion.

    A key highlight of the year was the substantial contribution from FCMB’s digital platforms, which generated a remarkable N101.9 billion in revenue. The figure represents 13 per cent of the Group’s total gross earnings, underscoring the success of its ongoing digital transformation initiatives. The Group also reported a healthy 28 per cent growth in its loan portfolio, which expanded to N2.4 trillion.

    FCMB’s non-banking subsidiaries contributed over 30 per cent to the Group’s overall profits.

     The Investment Management arm saw its Assets Under Management surge by 35 per cent  year-on-year to N1.4 trillion.

    Also, the Capital Markets division delivered strong growth, with gross earnings and profit before tax (PBT) increasing by 57 and 62 per cent  respectively compared to the previous year.

    The Group’s commitment to fostering inclusive economic growth was also evident in its lending activities.

    Loans disbursed to small and Medium-sized Enterprises (SMEs) exceeded N425 billion, while the agricultural sector received over N271 billion in financing. Furthermore, lending to women-owned businesses saw a significant 68 per cent  year-on-year increase, reaching N30 billion.

    Speaking at the AGM, the Chairman, FCMB Group, Oladipupo Jadesimi, commended the Group’s diversified business model and the resilience of its workforce. “As we navigate an evolving economic landscape, we remain resolute in our mission, leveraging our Group structure and collective strengths to build a future where excellence is not only measured by our achievements but by the positive and sustainable impact we create. This commitment is grounded on the deliberate consideration of facilitating sustainable business growth and capital requirements, with the overarching goal of optimising long-term value for our shareholders.”

    Read Also: FCMB Capital Markets leads N11.85b GLNG Bond for LNG plant expansion

    The Group Chief Executive, Ladi Balogun, stated: “Despite the challenging business landscape, our performance in 2024 was sustained by the commitment and professionalism of our talented staff, as well as the resilience demonstrated by each of our operating companies.”

    He emphasised that: “Going into 2025 and beyond, we expect more significant and diversified contributions from digitisation with a focus on digital onboarding, payments, and artificial intelligence. We will also reinforce our culture of excellence and extend the power of the Group in building a supportive ecosystem in fulfillment of our purpose. With the collective support of our ecosystem, including our people, investors, regulators, customers and partners, we will remain committed to carrying forward the vision of our Founder, building an institution, nation and continent in which future generations can take pride.”

    Shareholders at the AGM approved a final dividend of 55 kobo per share, payable to those on the register as of April 8, 2025, demonstrating the Group’s commitment to rewarding its investors.

    Other resolutions passed at the AGM included the election of Ms. Muibat Ijaiya by rotation, ensuring Board continuity and expertise and authorisation for the Directors to determine Deloitte & Touche’s remuneration as external auditors.

    Looking ahead, FCMB Group is actively pursuing its recapitalisation plan to meet regulatory requirements. The Group anticipates concluding the second part of its Public Offer in the first half of 2025 through a N22.5 billion convertible note, currently undergoing verification by the Central Bank of Nigeria (CBN). Subsequent phases will involve the sale of minority stakes in two subsidiaries and an additional equity offer.

    Analysts express optimism about FCMB’s future prospects, citing its strong financial performance, strategic recapitalisation efforts, and pivotal role in driving economic growth and stability within the Nigerian financial landscape.

  • FCMB Group AGM affirms dividend, closes FY 2024 With ₦7.1 trillion total assets

    FCMB Group AGM affirms dividend, closes FY 2024 With ₦7.1 trillion total assets

    FCMB Group Plc convened its 12th Annual General Meeting (AGM) in Lagos on April 29, 2025 where shareholders endorsed the Group’s 2024 financial results and approved key resolutions to drive future growth and strengthen governance.

    FCMB Group closed 2024 with total assets of ₦7.1 trillion and deposits of ₦4.3 trillion. The Group’s digital transformation gathered pace as digital revenues reached ₦101.9 billion, accounting for 13% of gross earnings, while loans grew 28% to ₦2.4 trillion.

    The company’s non-banking divisions also achieved impressive growth, accounting for over 30% of the Group’s total profits. Investment Management’s Assets Under Management grew by 35% YoY to N1.4 trillion. The Capital Markets business sustained its performance, with gross earnings and PBT growing YoY by 57% and 62%, respectively.

    Lending to SMEs, agriculture, and women-owned businesses exceeded N425 billion, N271 billion and N30 billion, growing year on year by 31%, 33% and 68% respectively, demonstrating FCMB’s commitment to its purpose of fostering inclusive growth.

    Read Also: An anatomy of the Delta PDP defections

    Speaking at the AGM, Mr. Oladipupo Jadesimi, Chairman of FCMB Group, commended the Group’s diversified business model and the resilience of its workforce. “As we navigate an evolving economic landscape, we remain resolute in our mission, leveraging our Group structure and collective strengths to build a future where excellence is not only measured by our achievements but by the positive and sustainable impact we create. This commitment is grounded on the deliberate consideration of facilitating sustainable business growth and capital requirements, with the overarching goal of optimising long-term value for our shareholders.”

    Ladi Balogun, the Group Chief Executive, stated: “Despite the challenging business landscape, our performance in 2024 was sustained by the commitment and professionalism of our talented staff, as well as the resilience demonstrated by each of our operating companies.”

    He emphasised that: “Going into 2025 and beyond, we expect more significant and diversified contributions from digitisation with a focus on digital onboarding, payments, and artificial intelligence. We will also reinforce our culture of excellence and extend the power of the Group in building a supportive ecosystem in fulfilment of our purpose. With the collective support of our ecosystem, including our people, investors, regulators, customers and partners, we will remain committed to carrying forward the vision of our Founder, building an institution, nation and continent in which future generations can take pride.”

    Resolutions passed at the AGM included the election of Ms. Muibat Ijaiya by rotation, ensuring Board continuity and expertise and authorisation for the Directors to determine Deloitte & Touche’s remuneration as external auditors. Other matters that were approved pertained to the disclosure of senior management remuneration within the Annual Report; the election of the Audit Committee members to oversee financial reporting and risk management; and the approval of a final dividend of ₦0.55 kobo per share, payable to shareholders on the register as at April 8, 2025.

    Analysts are of the opinion that FCMB’s recapitalisation plan, along with the Group’s pivotal role in driving growth and stability, gives cause for optimism.

    FCMB Group expects to conclude the second part of the Public Offer in H1 2025 via a convertible note of ₦22.5 billion, which is currently undergoing the CBN’s capital verification. Subsequent phases, which include the sale of a minority stake in two of its subsidiaries as well as an additional Equity Offer, are currently ongoing in line with the Group’s objective to ensure that the banking arm, First City Monument Bank Limited, meets the regulatory capital threshold required for maintaining its International Banking License before March 2026.

  • FCMB Group reports N111.9b pre-tax profit

    FCMB Group reports N111.9b pre-tax profit

    FCMB Group Plc has announced its audited financial results for the full year ended December 31, 2024, reporting a profit before tax  of N111.9 billion, a 7.1 per cent increase.

    The group recorded a 53.9 per cent increase in gross revenue at the end of December 2024, reaching N794.4 billion, driven by a 75.2 per cent growth in interest income and an 8.7 per cent increase in non-interest income. Net interest income grew by 27.6 per cent to N225.3 billion, supported by improved yields on earning assets, despite a decline in net interest margin due to higher funding costs.

    FCMB Group’s digital business continued to record strong growth, with digital revenues growing by 69.2 per cent from N60.3 billion to N101.9 billion as at December 2024. Over 1.6 million retail loans worth N148.8 billion and more than 18,000 SME loans totalling N208.2 billion were disbursed through digital channels. Assets under management (AUM) in digital wealth management rose to N22.4 billion as at December 2024, up from N15.1 billion in the prior year.

    Read Also: Ex-Minister backs Sterling Bank’s zero transfer fees, opens account

    Customer confidence in FCMB remained strong as deposits grew by 39.4 per cent to N4.30 trillion at the end of December 2024, compared to N3.08 trillion the preceding year.

    FCMB Group’s total assets grew by 59.5 per cent year-on-year to N7.05 trillion from N4.42 trillion in the prior year. Additionally, the Group’s loans and advances increased by 28 per cent to N2.36 trillion, while Assets Under Management (AUM) across the Investment Management division grew by 35 per cent to N1.37 trillion at the end of December 2024.

    Group Chief Executive, FCMB Group Plc, Ladi Balogun, said the bank would build on the momentum.

    “Overall, we anticipate significant earnings per share (EPS) growth in full-year 2025, underpinned by a continued momentum in our non-banking businesses, a stronger balance sheet, digital transformation, and strategic market positioning,” Balogun said.

    As part of its recapitalisation strategy, FCMB Group successfully raised N144.6 billion through a public offer, securing the National Banking License of its banking subsidiary. Further capital-raising plans are underway to meet the Central Bank of Nigeria’s minimum capital requirement for an International banking license.

  • FCMB Group shareholders approve N340b capital raise

    FCMB Group shareholders approve N340b capital raise

    FCMB Group Plc has secured shareholder approval for a N340 billion capital raise. The approval, granted during an extraordinary general meeting in Lagos and virtually, is crucial for its banking subsidiary, First City Monument Bank Limited, to comply with Central Bank’s international licence requirements.

    The approval includes increasing authorised additional capital raise from N150 billion to N340 billion, which empowers the group to explore a diverse mix of financial instruments, such as ordinary and preference shares, convertible and non-convertible securities, bonds, and loans.

    Read Also: Tinubu to Nigerians: 2025 is a very promising year

    Shareholders also endorsed divestment of stakes in one or more subsidiaries, with proceeds earmarked for reinvestment in the banking subsidiary, and acceptance of surplus funds arising from oversubscription of the public offer launched in July, subject to regulatory approvals.

    The meeting also okayed increase in the issued share capital from N19.8 billion divided in 39.6 billion ordinary shares of 50k each while authorising the raise of up to $15 million (or its naira equivalent) via a mandatory convertible loan targeted at select qualified investors.

  • FCMB Group gets shareholders nod to raise N150b capital

    FCMB Group gets shareholders nod to raise N150b capital

    FCMB Group Plc’s shareholders, at the company’s 11th Annual General Meeting (AGM), approved an increase in issued share capital from N9,901,355,390.5 0 to N19,802,710,781.

    They also authorised a N150 billion capital raise to drive future growth plans. The shareholders also approved a 100per cent increase in dividend payout to 50 kobo per share, up from 25 kobo in 2023, reflecting the Group’s commitment to delivering shareholder value.

    Chairman, Oladipupo Jadesimi, praised the workforce’s contribution to the company’s strong operating performance.

     He said: “FCMB Group Plc demonstrated resilience, the result of which has given me the great pleasure of being able to inform you that for the full year ended 31 December 2023, the Group declared a profit before tax of N104.4 billion, up 185.6 per cent from the full year 2022. The diligence exhibited by our workforce across the country has been remarkable. I commend everyone who contributed to this strong operating performance for the year under review.”

    Read Also: Shettima leads dignitaries as Lamorde is laid to rest

    As we navigate through the challenges and opportunities that our mission presents, the Board and Management remain steadfast in their commitment to cultivating a culture that will inspire excellence in our employees, customers, partners, and every member of our ecosystem.”

    This would be the first Annual General Meeting of FCMB Group Plc without the presence of the Founder, the late Otunba Michael Olasubomi Balogun, CON. A minute’s silence was observed at the commencement of the meeting and tributes were paid in his honour. Shareholders lauded the management for honouring and perpetuating the Founder’s legacy and the accelerating growth in most key indices, expressing optimism for a more rewarding future. In his comments, Chief Timothy Adesiyan of Nigeria Shareholders Solidarity Association said:

    “We are happy that FCMB Group and its subsidiaries are growing in leaps and bounds. Of note are the strong corporate governance structures, succession plan and the commitment of the Bank to support key sectors of the economy, including corporate social responsibility programmes. However, the Bank should expand its interventions to artisans and other underserved sectors. We were grateful that from the 25 kobo dividend paid last year, and now we are receiving 50 kobo this year, a 100 per cent increase. The Board, Management and staff should continue to sustain the legacy of the late Founder, Otunba Subomi Balogun.”

    In seeking approval for the N150 billion increase in share capital, the Group on behalf of its flagship bank, made clear its aspirations to retain its international license, with this year’s capital raise being the first step in that process.

    Also speaking, the Secretary General of the Independent Shareholders Association of Nigeria (ISAN), Mr. Eke Emmanuel, applauded FCMB Group’s results and endorsed the capital raising programme.

    He said: “The 2023 financial results of FCMB Group Plc show that the institution is in a healthy position and ready to transform challenges into opportunities. The recapitalisation plans are commendable and achievable. We are optimistic that FCMB will scale the hurdle and be better positioned to deliver more value to shareholders and Nigeria.”

    The AGM concluded with renewed confidence among shareholders and stakeholders in the financial institution’s leadership and strategic direction. Board members reassured shareholders of their commitment to maintaining high governance standards and delivering consistent value while highlighting ongoing efforts to enhance risk management frameworks and ensure full regulatory compliance to safeguard the Bank’s reputation.

  • FCMB group sustains growth momentum, profit rises to 193.6% in Q1 2024

    FCMB group sustains growth momentum, profit rises to 193.6% in Q1 2024

    FCMB Group Plc announced impressive first-quarter 2024 financial results with profit before tax rising 192.6% Year-on-Year to N31.3 billion compared to N10.7 billion in the same period in 2023. All of the Group’s business segments demonstrated significant growth, with Investment Banking leading at 228.1%, Consumer Finance at 165.4%, Banking Group at 157.2%, and Investment Management at 74.3%.

    This impressive performance across all business segments directly results from FCMB Group’s strategic initiatives, which align perfectly with its purpose of fostering inclusive and sustainable growth in the communities it serves.

    FCMB Group recorded a substantial 104.8% growth in gross revenue during the three months (January to March 2024), rising to N179.1 billion from N87.4 billion for the same period the prior year. This growth was driven by an 89.9% growth in interest income and a 150.9% growth in non-interest income. Additionally, customer confidence remained strong, with deposits rising by 63.2% year-over-year, from N2.0 trillion to N3.3 trillion at the end of March 2024.

    Read Also; Who has bewitched our beloved America?

    The Group Chief Executive of FCMB Group Plc, Ladi Balogun, expressed confidence that the growth trend will be sustained. He said: “We continue to leverage our unique group structure to build a technology-driven ecosystem that fosters inclusive and sustainable growth in the communities we serve. This strategy is enabling us to deliver robust performance in spite of the challenging domestic and global environment. Barring unforeseen circumstances, we believe our growth trend will be sustained and accompanied by improving efficiencies arising from greater scale and ongoing digitisation”.

    Despite the challenging business environment, the Group increased its contribution to economic growth by extending loans and advances to N2.2 trillion, an 85.4% increase, Year-on-Year, from N1.2 trillion in the corresponding period of 2023.

    Net interest income increased by 74.5%, from N31.7 billion in the first quarter of 2023 to N55.4 billion in the first quarter of 2024. Total assets increased by 68.5%, from N3.1 trillion to N5.2 trillion.

    Assets Under Management (AUM) grew 35.0% Year-on-Year, from N830 billion to N1.02 trillion at the end of March 2024. This highlights the Group’s investment management expertise and ability to create value for its clientele.

    The agency banking business extended its network to over 165,000 agents, acquiring over 300,000 customers between January and March 2024. FCMB expanded its customer base to 12.8 million within the quarter.