FCMB Group Plc posted gross earnings of N529.2 billion in the first half of 2025, marking a 41.3 percent increase compared to the same period last year.
The growth was mostly driven by a 70.3 percent increase in interest and discount income, which increased to N458.4 billion from N269.2 billion in H1 2024, according to the company’s unaudited financial statements for the period ending March 31, 2025, which were submitted to the Nigerian Exchange Limited on Tuesday.
This impressive performance is a result of the Group’s loan book growing to N2.38 trillion as of June 30, 2025, and better yields on earning assets.
Net interest income increased by 95.3% to N207.4 billion
Net interest income increased 95.3 percent to N207.4 billion from N106.2 billion during the same time last year. In spite of this, interest expenses increased 54.1 percent to N251 billion from N163 billion in 2024.
Additionally, net fee and commission income increased by 51.3 percent, from N25.1 billion to N37.9 billion.
Even though fee and commission expenses decreased by 14.9 percent to N9.5 billion, fee and commission income increased by 30.9 percent to N47.4 billion, contributing to this growth.
However, due to lower revaluation and disposal gains on financial instruments, net trading income fell 29.3 percent to N22.2 billion from N31.4 billion, while other gains fell precipitously to N696.3 million from N37.1 billion.
The overall cost of operations went up. General and administrative expenses increased by 59.4 percent to N57.2 billion, while personnel expenses increased by 34.4 percent to N48.3 billion and depreciation and amortisation increased by 24.8 percent to N8.1 billion.
Other operating costs increased to N39.6 billion, a 49.4 percent increase.
Profit before tax rise by 23.2% to N79.1 billion
The Group produced a profit before tax of N79.1 billion, a 23.2 percent increase from N64.2 billion in H1 2024, in spite of these cost increases. Profit after taxes was N73.4 billion, up 23.4 percent from N59.5 billion the previous year.
Other comprehensive income increased from N24.8 billion to N6.9 billion during the period.
The Group’s total comprehensive income for H1 2025 is N80.3 billion, which is marginally less than the N84.3 billion recorded in H1 2024.
This is primarily because there were fewer unrealised gains from foreign exchange translations.
The total assets were N7.54 trillion as of June 30, 2025. Loans and advances to customers increased slightly to N2.38 trillion, while customer deposits increased 39.9 percent to N4.54 trillion.
Compared to N600.4 billion a year ago, shareholders’ equity increased by 24.3 percent to N746.6 billion.
However, capital restructuring and adjustments to the number of shares or earnings distribution were the main causes of the decline in basic and diluted earnings per share, which went from N6.00 to N3.70.