FCMB Group Plc recently released its audited financial results for the year ended December 31, 2025, and its unaudited results for the first quarter (Q1) ended March 31, 2026.
For the 2025 financial year, the Group’s profit before tax (PBT) rose 81 percent year-on-year to N202.1 billion from N111.9 billion in 2024, while profit after tax (PAT) increased 142 percent to N177.3 billion, leading to Return on equity improving to 23.2 percent.
The strong earnings momentum continued into the first quarter of 2026, with profit before tax and profit after tax increasing by 148 percent and 137 percent, respectively, to N87 billion and N76.5 billion.
All business divisions recorded double-digit growth and contributed positively to profitability during the period. In 2025, the banking subsidiary grew profit before tax by 110 percent to N163.3 billion, while the consumer finance, investment management and investment banking businesses recorded profit growth of 107 percent, 29 percent and 90 percent, respectively.
In the first quarter of 2026, profit growth across the divisions was 97 percent for banking, 99 percent for consumer finance, 54 percent for investment management, and 322 percent for investment banking.
The banking subsidiary, First City Monument Bank Limited, benefited from the deployment of proceeds from its 2024 capital raise and higher yields on earning assets, resulting in growth in net interest income and return on equity.
Gross revenue grew 42.5 percent to N1.13 trillion in 2025, largely driven by a 61.7 percent growth in interest income and a 17.3 percent growth in earning assets, which grew from N4.18 trillion to N4.90 trillion. The same drivers supported a strong start to 2026, with gross revenue growing by 26.7 percent to N320.2 billion in the first quarter, compared with N252.7 billion in the corresponding period of 2025.
Customer confidence in FCMB remained strong. Current and savings account balances grew 17 percent by N420.5 billion during 2025 and a further 15 percent by N433.5 billion in the first quarter of 2026. Total customer deposits increased by 2.8 percent in 2025 and 5.8 percent in the first quarter of 2026, as low-cost deposit mix improved from 65.4 percent to 71.1 percent.
Net interest income grew by 124.5 percent to N505.9 billion in 2025 from N225.3 billion in 2024, driven by a growth in net interest margin to 9.5 percent from 6.3 percent. This momentum continued into 2026, with net interest margin growing further to 10.7 percent in the first quarter.
Alongside stronger revenue generation, the Group improved operating efficiency. Its cost-to-income ratio declined to 53.8 percent by the end of 2025 from 59.9 percent. These gains were supported by continued investments in people, technology and business expansion.
Total assets increased 8.2 percent to N7.63 trillion at the end of 2025 from N7.05 trillion a year earlier and grew a further 4.4 percent to N7.96 trillion as of March 31, 2026, reflecting the Group’s focus on balance sheet efficiency and optimisation.
The Group also maintained a disciplined approach to lending while expanding support for consumers and small businesses. Loans and advances to customers increased 0.4 percent to N2.37 trillion in 2025, while consumer and SME lending rose 24 percent to N930 billion. Total loans and advances stood at N2.23 trillion at the end of the first quarter of 2026.
Assets under management maintained a strong growth trajectory, growing 24.2 percent to N1.70 trillion at the end of 2025 from N1.37 trillion in 2024. This further grew by 10.1 percent to N1.88 trillion as of March 2026, supported by continued market share gains by FCMB Pensions and FCMB Asset Management.
The Group recorded a 21.4 percent increase in total equity to N835.4 billion at the end of 2025. Total equity rose further to N1.14 trillion as of March 2026, up 36.5 percent, supported by retained earnings and additional capital raised through the Group’s 2025 public offer. The Group’s capital adequacy ratio stood at 26.95 percent as of March 2026, providing a strong capital buffer to support future growth. FCMB Group proposed a dividend of 35 kobo per share.
Commenting on the results, Group Chief Executive Ladi Balogun said: “These results reflect the strength of our diversified business model and disciplined execution. We grew earnings, improved efficiency and strengthened our balance sheet while continuing to support customers and create value for shareholders. Our strong start to 2026 positions us well to sustain growth across the Group.”
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