FCMB disburses 442,000 digital loans in 6 months

For the six months ended June 30, 2022, FCMB Group Plc has reported better-than-impressive earnings, revenue, deposits, loan disbursement, financial inclusion, and an impressive digital transformation scorecard. In the period under review, over 442,000 loans, totalling N21.0 billion, to more than 171,000 persons via digital channels in the first six months of 2022.

Loans totalling N93.4 billion were also disbursed to over 12,000 small businesses through its digital channels in the same period. Also, FCMB’s focus on financial inclusion and MSMEs has been further bolstered by a $17.3 million funding partnership with Mastercard Foundation to provide affordable loans to 100,000 MSMEs over the next five years with a focus on 90% participation by women.

Remarkably, the Group recorded a profit before tax of N15.4 billion, a 73.2% year-on-year growth compared to N8.9 billion in 2021 and double-digit growth across its business segments: 84.2% in the Banking Group, 42.7% in Consumer Finance, 41.9% in Investment Management, and 253.8% in Investment Banking. Gross revenue was up 34% to N126.2 billion from January to June this year, as against N94.2 billion in H1, 2021. These were the highlights of the Group’s unaudited half-year results released on the floor of the Nigerian Exchange Limited (NGX) on Tuesday, July 26, 2022, in Lagos.

Commenting on the half-year financial results, the Group Chief Executive of FCMB Group Plc, Mr Ladi Balogun, said:

Read also: H1 2022: FCMB Group Records 73.2% Profit Growth of N15.4bn and Impressive Food Security Scorecard

“We continue to leverage our unique group structure to enable a technology-driven ecosystem of platforms, customers, partners, talents, and capital to contribute to the sustainable and inclusive growth of the communities we serve. We believe that despite the challenging domestic and global environment, FCMB Group is well positioned to sustain its performance trend in financial and non-financial metrics”.

In compliance with its commitment to safeguarding the environment, FCMB Group further reduced its carbon footprint by moving eight (8) branches of its retail and commercial banking subsidiary to Solar Power. Thus, taking the number of First City Monument Bank (FCMB) Limited branches running on renewable energy to 150 (73% of its branch network) – from grid/diesel generators to solar power.

In addition, it contributed to food security and import substitution in Nigeria by growing its lending to the agricultural sector from ₦53.6 billion in H1 2021 to ₦87.9 billion in H1 2022, a net disbursement of ₦34.3 billion over the last year, which represents 16.5% of total loan growth over the period.

Customer confidence in FCMB remained strong, as deposits rose by 22.3% to N1.6 trillion in June 2022, Year-on-Year (YoY), from N1.3 trillion achieved in June 2021. In addition, loans and advances disbursed by the financial institution to customers, including businesses, grew by 22.3% to N1.1 trillion from N916.7 billion. The Group’s total assets also increased by 18.3% to N2.7 trillion in June 2022, as against N2.2 trillion within the same period last year.

FCMB Group Plc is a purpose beyond profit corporation committed to policies, practices, inputs and outputs that benefit all stakeholders by easing credit constraints to disadvantaged individuals and small businesses to increase income and reduce poverty.