FCMB Group grows full year pre-tax profit by 9.2% to N24bn

FCMB Group Plc sustained its impressive performance last year by earning N208.5 billion in gross revenue for the year ended December 31, 2021, against N199.4 billion in 2020.

This represents an increase of 4.6percent, with profit before tax (PBT) rising by 9.2percent to N24 billion compared to N22 billion in the previous year. As a result, profit margin, which measures how much revenue has turned to profit, stood at 10 per cent.

These figures are contained in the unaudited results of FCMB Group, Nigeria’s leading and most diversified financial holding company, for last year released recently. Despite the challenges posed by the COVID-19 pandemic and the business environment, the significant improvement in the Group’s market fundamentals is another proof of its resilience. The performance also shows that the various strategies being executed by the Ladi Balogun (the Group Chief Executive) – led financial institution are yielding the desired results.

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Customer confidence in FCMB Group and its ten subsidiaries remained strong as deposits grew to N1.56 trillion last year from N1.3 trillion in 2020, a 24percent rise. Loans and advances by the lender to individuals and businesses in 2021 also rose to N1.06 trillion compared to N823 billion prior year, representing a 29.3percent growth. This affirms the strong commitment of the financial institution towards supporting the growth aspirations of individuals, businesses, and that of the country at large.

In addition, FCMB Group’s total assets increased to N2.5 trillion in 2021 from N2.06 trillion the previous year, while net fees and commissions rose by 42.8percent to N28 billion.
Interest income was up by 7percent, from N151 billion to N161.5 billion.

FCMB Group is a holding company comprising three business groups; Commercial and Retail Banking (First City Monument Bank Limited, Credit Direct Limited, FCMB (UK) Limited and FCMB Microfinance Bank Limited); Corporate & Investment Banking (The Corporate Banking Division of the Bank, FCMB Capital Markets Limited and CSL Stockbrokers Limited) and Investment Management (FCMB Pensions Limited, FCMB Asset Management Limited and FCMB Trustees Limited). The subsidiaries are market leaders in their respective segments.

The institution has built a strong base in various sectors of the nation’s economy by consistently offering cutting-edge solutions to its customers across segments. FCMB expects to continue to distinguish itself through innovation and the delivery of exceptional services.