FCMB Group PLC., has reported a 108% Year-on-Year growth in profit before tax (PBT) in nine months of 2023.
The Group has nine subsidiaries divided among three business groups: commercial and retail banking, investment banking, and asset and wealth management.
Key Highlights of the FCMB Group PLC’s financial report:
Customer Base: Expanded by 15.4% YoY from 10.4 million to 12 million customers by September 2023 as we further democratise access to comprehensive financial services.
Customer Deposits: Grew by 39.1% YoY to ₦2.53 trillion by September 2023
Loans and Advances: Grew by 34.3% YoY to ₦1.59 trillion by September 2023, driven by the expansion of lending to critical sectors such as agriculture and increased use of digital channels, artificial intelligence and automation to drive loan distribution, underwriting and fulfilment, respectively.
Operating Expenses: Grew by 29.0% YoY to ₦111.5 billion.
Profit Before Tax (PBT): The Group achieved 108.0% YoY growth to ₦55.1 billion.
Total Assets: Recorded a 32.2% YoY growth, to ₦3.88 trillion by September 2023, showing our financial strength.
Banking Group: Recorded 130.1% YoY growth in Profit before tax (PBT).
Consumer Finance Group: Achieved 32.6% YoY PBT growth.
Investment Management Group and Investment Banking Group: Improved YoY PBT growth of 38.7% and 27.6%, respectively.
Agency Banking Network: Grew our agent network to over 120,000 agents, acquiring over 130,000 customers during the period and expanding our distribution into underserved communities.
Additional Highlights:
The Group completed the issuance of a Series 2 Additional Tier 1 Capital Bond under its ₦300 billion Debt Issuance Programme for its Banking Subsidiary, bringing the total Additional Tier I Capital raised during the year to ₦46.7 billion.
FCMB Group further reported that its consumer finance business, Credit Direct Limited, also completed its maiden Commercial Paper Issuance to diversify the Company’s funding base further.
Leveraging the Group structure, FCMB is building a technology-driven ecosystem to foster inclusive and sustainable growth.
“We are confident that our commitment to scaling and digitising this ecosystem will continue to drive the success of our business and our stakeholders in the future”, the FCMB Group said.
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