FCMB Group Plc has released its unaudited financial results for the year ended December 31, 2025, reporting a pre-tax profit of N200.91 billion, reflecting an 80% increase compared to N111.9 billion in 2024.
The Group’s gross earnings grew by 41.8% to N1.13 trillion, driven by strong revenue growth from interest income and trading income.
Profit after tax surged to N176.91 billion, up 141.7% from the previous year’s N73.34 billion.
Key highlights (FY 2025 vs FY 2024)
- Gross earnings: N1.13 trillion, up 41.8% YoY
- Interest income: N1.00 trillion, up 61.2% YoY
- Interest expense: N499.23 billion, up 26% YoY
- Net interest income: N502.89 billion, up 122% YoY
- Fee and commission income: N95.97 billion, up 29% YoY
- Net impairment losses on financial instruments: N86.00 billion, up 108.7% YoY
- Operating profit: N200.15 billion, up 78.7% YoY
- Earnings per share (EPS): N3.96, up 60% YoY
- Total assets: N7.54 trillion, up 6.9% YoY
- Loans and advances to customers: N2.29 trillion, down 2.8% YoY
- Customer deposits: N4.40 trillion, up 2.5% YoY
- Equity: N823.42 billion, up 19.5% YoY
What the numbers are saying
FCMB’s revenue growth was driven primarily by a strong increase in interest income, which grew by 61.2% to N1.00 trillion, contributing 88.8% to gross earnings.
This growth was driven by both volume and rate improvements, particularly from loans and advances to customers, which saw an increase of 41.1%.
- This was the major contributor to interest income, accounting for 61.0% of the total interest income, followed by investment securities, which contributed 25% to interest income.
The interest income growth significantly impacted net interest income, which surged by 122% to N502.89 billion. This represents a major improvement in the Group’s ability to generate income from its core lending activities.
- The net interest income grew at a faster pace than interest income due to the ability to manage interest expenses effectively.
Interest expenses increased by 26% to N499.23 billion, driven largely by higher customer deposits, which accounted for 70.5% of the interest expenses, followed by borrowings and debt securities, which contributed 29.5%.
- The increase in interest expenses was somewhat offset by a significant increase in net interest income, showcasing the Group’s ability to manage its cost of funds efficiently.
However, the impact of impairment losses was notable, with net impairment losses rising by 108.7% to N86 billion. These impairment losses consumed 17.1% of the net interest income, putting pressure on the Group’s profitability.
- This suggests that while the Group saw strong growth in core lending income, it had to account for a higher risk profile, requiring greater provisions for non-performing loans and other financial instruments.
On the non-interest income side, fee and commission income grew by 29% to N95.97 billion, contributing 8.5% to gross earnings.
- This growth was driven by increased activity in the bank’s transactional and advisory services, which helped diversify income sources and reduce reliance on interest income.
- Net trading income of N39.21 billion contributed 3.5% to gross earnings, despite a drop of 27.3% YoY.
In terms of balance sheet strength, the Group’s total assets grew by 6.9% to N7.5 trillion, driven by a 10% increase in loans and advances to customers.
The Group’s customer deposits increased by 2.5% to N4,402,070 million, which now accounts for 58.3% of total assets, reflecting the bank’s solid funding base and customer confidence.
The increase in equity by 19.5% to 823,428 million further strengthens the Group’s capital base, positioning it well for future growth and stability.
What to know
FCMB’s 2025 performance highlights solid growth in both top-line revenue and bottom-line profitability, with interest income and net interest income driving a significant portion of the growth.
Given its profit after tax, the Group exceeded its profit forecast. The Group had projected a profit after tax (PAT) of N58.8 billion for the fourth quarter of 2025, thus expecting full-year profit at N171.5 billion,
The stock price closed at N12.09 on the last trading day of 2025, reflecting a 28% increase from the beginning of the year. However, closing at N11.05 today, the stock has lost 3.73% this year
FCMB Group Plc has a market capitalization of N496 billion, which is still below its net asset value of N823.42 billion.
