FCMB Group Plc is projecting a post-tax profit of N62.5 billion for the first quarter of 2026, according to its recently released earnings forecast.
If achieved, this would represent a 94.08% year-on-year increase from the N32.2 billion recorded in Q1 2025.
The bank has a track record of slightly exceeding its forecasts, having projected a Q1 2025 post-tax profit of N31.2 billion in December 2024 and surpassing it by N940.2 million.
Similarly, its Q2 2025 estimate of N36.6 billion was exceeded, with a post-tax profit of N41.1 billion, while the Q3 forecast of N39.3 billion was surpassed at N52 billion.
Given this pattern, FCMB could again exceed its Q1 2026 forecast if positive fundamentals persist. The bank’s nine-month results support this outlook, with pre-tax profit rising 46% to N134.4 billion.
Top-line:
FCMB’s profit spike for the nine months ended September 30, 2025, was largely driven by an increase in interest income, which rose 64% to N734.1 billion.
- This was mainly due to a 46% growth in interest from loans and advances to customers at N464 billion, accounting for 63% of total interest income.
On the expense side, interest costs increased 41% to N383.2 billion, driven largely by higher customer deposit costs, which grew 19% YoY to N255.6 billion.
FCMB also expanded its deposit base by N99.27 billion to N4.4 trillion, supporting a strong net interest income of N350.83 billion, up 102% year-on-year.
Net fees and commissions income rose to N56.1 billion from N41.4 billion.
- After accounting for impairment charges of N57.12 billion and other operating expenses, operating profit remained solid at N134.2 billion, marking a 46.14% increase.
Solid balance sheet
FCMB’s total assets grew by 2.52% to N7.23 trillion, supported by:
- Customer deposits, which make up about 61% of total assets.
- Loans and advances, accounting for 32% of total assets.
- Investments in securities, contributing 21% of total assets and 34% of customer deposits.
- Cash and cash equivalents, representing 22% of total assets.
On the equity side, shareholders’ funds rose by N116.95 billion over nine months. This was supported by increases in share premium and share capital.
Retained earnings also grew significantly, reaching N291.9 billion during the period, up from N188.4 billion recorded in December 2024, reflecting the company’s ability to retain more of its profits over the year.
Year-to-date, FCMB has delivered over 14% return to investors on the Nigerian Exchange, currently priced at N10.75.
