FCMB records N64.2 billion pre-tax profit in H1 2024

FCMB Group has posted a profit before tax of N64.2 billion in the first half of 2024, representing 68 percent year-on-year growth from the N38.2 billion posted in the corresponding period of 2023. The parent group of First City Monument Bank also posted a gross earning of N374.5 billion in H1 2024, representing a 57% […]

FCMB Group has posted a profit before tax of N64.2 billion in the first half of 2024, representing 68 percent year-on-year growth from the N38.2 billion posted in the corresponding period of 2023.

The parent group of First City Monument Bank also posted a gross earning of N374.5 billion in H1 2024, representing a 57% YoY improvement from the N238.2 billion gross earning posted in H1 2023. 

The group’s earnings came from interest income, as the bank recorded an interest income of N269.2 billion, an 81% YoY from the N149 billion interest income in H1 2023.

During the period, the group’s net profit hit N59.5 billion, which was a 68% YoY improvement from the N35.4 billion posted in H1 2023.

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FCMB posted a net interest income of N106.2 billion during the period, marking a 47% improvement from the N72.3 billion as of H1 2023. 

There was also a 33% YoY decline in net impairment losses during the period to N31.3 billion, from N47.1 billion as of H1 2023.

During the period, the group received interest payments amounting to N382 billion, representing a 101% appreciation from the N189.7 billion received in H1 2023. 

The increment in interest payments has been linked to the continued hike in benchmark interest rates, as banks continue to thrive in Nigeria’s high interest rate environment.

In the first half of 2024, customers’ deposits in FCMB increased by 26% to N3.9 trillion, from N3.1 trillion as at FYE 2023. FCMB Group’s net loans and advances to customers increased by 32% in H1 2024 to N2.43 trillion, from N1.84 trillion as at FYE 2023.

The group’s borrowings have increased by 162% this year to N357.4 billion, from N136.5 billion as of FYE 2023. The bulk of the group’s borrowings were from Afrexim bank, which lent the group N112.6 billion during the period.