FCMB Group Plc has reported a pre-tax profit of N111.8 billion for the full year ended 31st December 2024, as detailed in its recently released audited financial statement.
This represents an increase of 7.15% compared to the N104.4 billion recorded in 2023, as gross earnings and net interest income soared.
The group achieved gross earnings of N794.4 billion, reflecting a robust year-over-year growth of 53.85%.
Significantly, interest income surged to N621.8 billion, up 75.16% from the prior year’s figure of N354.9 billion.
- A substantial portion of the interest income stemmed from loans and advances, totaling N433.2 billion, with investment securities contributing N109.7 billion.
- Cash and cash equivalents were reported at N12 billion, while investment securities at Fair Value through Other Comprehensive Income (FVOCI) accounted for N66 billion of the total.
Despite interest expenses rising sharply to N396.5 billion—an increase of 122.26%—net interest income still experienced impressive growth, climbing to N225.3 billion from N176.5 billion in the previous year.
- Additionally, net trading income surged to N53.7 billion, a significant rise from just N9.1 billion.
The group also reported profits from core operations, with results from operating activities reaching N112.1 billion, up by 7.36%.
- Total assets soared to N7.05 trillion, an increase of 59.46% year-over-year, while retained earnings rose to N188.4 billion, up from N144.3 billion.
Key highlights (2024 vs 2025)
- Interest Income: N621.8 billion, +75.16% YoY
- Interest Expense: N396.5 billion, +122.26% YoY
- Net Interest Income: N225.3 billion, +27.58% YoY
- Net Trading Income: N53.7 billion, +490.74% YoY
- Result from Operating Activities: N112.1 billion, +7.36% YoY
- Pre-tax Profit: N111.8 billion, +7.15% YoY
- Total Assets: N7.05 trillion, +59.46% YoY
As of the close of trading on April 3, 2025, FCMB shares closed at N8.55, marking a 3.19% YtD loss. In 2024, the share price recorded a year-to-date gain of 27.03%, from N7.40 to N9.40.
