FCMB Group sustains performance, reports 99% growth in profit before tax to N157.3bn

FCMB Group Plc has announced a significant surge in its financial performance, reporting a 99% year-on-year increase in profit before tax. For the first half of 2026, the company's profit before tax reached ₦157.3 billion, a substantial jump from ₦79.1 billion in the same period of 2025. This strong earnings momentum continues the trend observed in the 2025 financial year.

Across all four divisions of the Group, Consumer Finance, Banking Group, Investment Banking, and Investment Management, profit before tax saw robust year-on-year growth of 92%, 80%, 76%, and 50%, respectively. Gross earnings also climbed by 27.8% to ₦676.2 billion in the first half of 2026, up from ₦529.2 billion a year prior. This increase was primarily fueled by a 31.0% growth in interest income and a 22% expansion in earning assets, which grew from ₦4.90 trillion to ₦5.98 trillion.

Ladi Balogun, Group Chief Executive of FCMB Group, commented on the results, highlighting the strength of the company's "recapitalised and diversified business model." He noted the record profitability achieved despite "accelerating the normalisation of asset quality towards regulatory thresholds," emphasizing a commitment to building a stronger balance sheet for long-term growth. Balogun also pointed to expanding net interest margins, an improved low-cost deposit mix, disciplined cost management, and growing contributions from non-banking businesses as key factors enhancing earnings quality and sustainability. The Group remains on track to deliver a Return on Equity (RoE) exceeding 25% for the 2026 financial year.

The Group's digital operations, encompassing Payments, Lending, and Wealth, continued their upward trajectory. Digital revenue rose to ₦89.1 billion in the first half of 2026 from ₦73.6 billion in the corresponding period of 2025, accounting for 13.2% of gross earnings. Total assets grew by 9.5% to ₦8.36 trillion by June 2026, with loans and advances to customers increasing by 5.2% to ₦2.49 trillion. Customer deposits saw an 11.4% rise to ₦4.92 trillion, and the low-cost deposit mix improved to 74.9%, leading to a year-on-year decline in the cost of funds.

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Our first-half performance demonstrates the strength of our recapitalised and diversified business model. We delivered record profitability despite accelerating the normalisation of asset quality towards regulatory thresholds, reflecting our commitment to building a stronger balance sheet for long-term growth. Expanding net interest margins, an improved low-cost deposit mix, disciplined cost management, and growing contributions from our non-banking businesses continue to enhance the quality and sustainability of our earnings. We remain firmly on track to deliver a Return on Equity (RoE) of over 25% for the 2026 financial year.