FCMB Group Plc reported a profit before tax of N104.4 billion, an 186 percent year-on-year (YoY) rise from N36.6 billion in 2022, with earnings growth across all business sectors. Banking Group accounted for 212.6%, followed by Consumer Finance (67.3%), Investment Management (40%), and Investment Banking (89.7%).
According to NGX results, FCMB Group, which proposed a dividend of 50 kobo per share for its shareholders, contributed to Nigeria’s food security and import substitution by increasing lending to the agricultural sector by 38.4% to N204.3 billion in 2023 from N147.4 billion in 2022. In addition, the Bank assisted over 300,000 smallholder farmers in rural communities, 56% of whom were women in agriculture, to strengthen the industry. Over $280 million in funding from DFIs and donor agencies was raised this year to help achieve sustainable development goals in crucial areas of the economy. As of December 2023, the Group had enabled approximately $700 million in exports and $100 million in remittances into Nigeria through its core banking operations.
To protect the environment, it switched six more branches of its retail and commercial banking subsidiary (First City Monument Bank Limited) from grid/diesel generators to solar power last year, bringing the total number of branches powered by renewable energy to 160, accounting for 78% of total branches. In addition, the Bank secured funding of up to N13 billion from local development finance institutions for on-lending to clients in need of solar energy solutions, demonstrating its commitment to advancing sustainable energy.
FCMB’s client base increased by 15.6% YoY from 10.9 million to 12.5 million in the year ended December 2023, while users of its mobile app, which provides loan, wealth, and payment solutions, increased by 31% YoY to 3.4 million. Mr Ladi Balogun, Group Chief Executive of FCMB Group Plc, commented on the findings, saying, “We continue to leverage our unique Group structure to build a technology-driven ecosystem that is fostering inclusive and sustainable growth in the communities we serve.
FCMB
” This strategy enables us to generate strong results despite the adverse domestic and global environment. Barring unexpected events, we believe this trend will continue, accompanied by increased efficiency resulting from greater scale and continuing digitisation.”
Source: guardian.ngÂ
