FCMB Group records N79.3bn PBT in H1 2025

FCMB Group Plc has announced its unaudited financial results for the six months ended June 30, 2025, reporting a N79.3 billion profit before tax (PBT), representing a 23% year-on-year increase. Gross revenue for the period rose to N529.2 billion, reflecting a 41.3 per cent year-on-year increase from N374.5 billion recorded in the first half of […]

FCMB Group Plc has announced its unaudited financial results for the six months ended June 30, 2025, reporting a N79.3 billion profit before tax (PBT), representing a 23% year-on-year increase.

Gross revenue for the period rose to N529.2 billion, reflecting a 41.3 per cent year-on-year increase from N374.5 billion recorded in the first half of 2024, supported mainly by a 70.3 per cent growth in interest income. 

However, non-interest income declined by 35.1 per cent due to a N36.6 billion drop in currency revaluation gains compared to last year.

Net interest income almost doubled, rising from N106.2 billion in the previous year to N207.4 billion by June 2025. 

The yield on earning assets improved to 20.2 per cent, leading to a net interest margin of 9.1 per cent, up from 6.3 per cent in the 2024 financial year.

The Group’s digital business—payments, lending, and wealth services—grew strongly.

Digital revenues increased by 60 per cent year-on-year, rising from N46 billion in June 2024 to N73.6 billion in June 2025. 

Operating expenses rose by 46.1 per cent to N153.2 billion.

According to the group, the increase was due to higher personnel costs, regulatory expenses, technology costs, and general inflationary pressures. 

Despite this, cost-to-income ratio improved to 57 per cent at the end of June 2025, compared to 59.9 per cent recorded at the end of 2024, the group’s statement said.

Net impairment losses on financial assets grew significantly to N36.2 billion on a quarterly basis, following FCMB Group’s banking subsidiary exit from the Central Bank of Nigeria’s loan forbearance programme. This led to a rise in the cost of risk to 2.8 per cent, up from 1.8 per cent in the 2024 financial year. 

After tax, profit increased by 23 per cent year-on-year, closing at N73.4 billion. 

The Group’s balance sheet also showed improvement. Total assets increased by 6.9 per cent to N7.54 trillion, up from N7.05 trillion as of December 2024. 

Loans and advances grew modestly by 1.1 per cent to N2.38 trillion, impacted by currency revaluation, loan write-offs and concentrated paydowns, while customer deposits rose by 5.6 per cent to N4.55 trillion. 

Assets under management increased by 15.5 per cent, reaching N1.58 trillion, compared to N1.37 trillion in December 2024. 

FCMB’s investment banking business, which includes advisory services and capital market transactions, recorded a significant increase in capital raised for its clients —growing by over 600 per cent year-on-year to N2.97 trillion.