KEY POINTS
- Gross earnings up 40.9 percent to N828.1 billion.
- Profit after tax up 52 percent to N125.45 billion.
- Net interest income more than doubled to N350.8 billion.
FCMB Group Plc delivered stronger-than-expected performance in the first nine months of its 2025 fiscal year, as surging interest income offset a sharp fall in non-interest revenue.
The financial services holding company, led by Group Chief Executive Ladi Balogun, reported gross earnings of N828.1 billion for the period ended September 30, a 40.9 percent rise from a year earlier.
The earnings momentum stemmed from a 64.7 percent jump in interest income. Non-interest income, however, declined 33.8 percent due to a N54.6 billion reduction in currency revaluation gains. Despite this drag, profit after tax rose 52 percent to N125.45 billion, lifting return on average equity to 22.4 percent from 12.7 percent. Earnings per share increased to N3.91 from N2.46.
Net interest income more than doubles
Net interest income expanded 101.9 percent to N350.8 billion as the yield on earning assets climbed to 21.1 percent. The net interest margin widened to 10.1 percent from 6.3 percent.
Impairment charges rose 28.6 percent to N57.1 billion following the exit of FCMB’s Nigerian subsidiary from the Central Bank’s loan forbearance program, pushing cost of risk to 2.8 percent.
Digital revenues remained a core growth driver, contributing 13.7 percent of gross earnings. Digital income increased 54 percent to N113.6 billion, led mainly by lending, which accounted for nearly three-quarters of the segment.
Assets under management reach $1.09 billion
Founded in 1982 by Otunba Subomi Balogun, FCMB has grown into a diversified financial group serving retail, corporate and institutional clients.
Total assets rose 2.5 percent to N7.23 trillion, while assets under management increased 15.9 percent to N1.59 trillion. Retained earnings reached N291.9 billion.
According to Billionaires Africa, the group recently completed its public offer and expects to finalize a minority subsidiary sale by December. With capital verification ongoing and shareholder and regulatory approvals in view, FCMB remains on track to meet its N500 billion capital requirement for its banking subsidiary ahead of the March 2026 deadline.
