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FCMB Group Plc has reported a 99 per cent year-on-year increase in profit before tax (PBT) to N157.3 billion for the half-year ended June 30, 2026, driven by strong growth across its banking and non-banking businesses.
The unaudited financial results released on the Nigerian Exchange (NGX) on Monday showed that the Group’s PBT rose from N79.1 billion recorded in the corresponding period of 2025.
The Group also posted a 27.8 per cent increase in gross earnings to N676.2 billion, up from N529.2 billion in the first half of 2025. The growth was supported by a 31 per cent rise in interest income and a 22 per cent expansion in earning assets, which increased from N4.90 trillion to N5.98 trillion.
Performance improved across all four business divisions, with Consumer Finance recording a 92 per cent increase in profit before tax, Banking Group 80 per cent, Investment Banking 76 per cent, and Investment Management 50 per cent.
Group Chief Executive, Ladi Balogun, attributed the performance to the strength of the company’s recapitalised and diversified business model.
“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,” he said.
He added that expanding net interest margins, improved low-cost deposits, disciplined cost management and growing contributions from non-banking businesses had strengthened the quality of the Group’s earnings.
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“We remain firmly on track to deliver a Return on Equity (RoE) of over 25 per cent for the 2026 financial year,” Balogun stated.
FCMB’s digital businesses, comprising payments, lending and wealth management, generated N89.1 billion in revenue during the period, up from N73.6 billion a year earlier, accounting for 13.2 per cent of gross earnings.
Total assets rose by 9.5 per cent to N8.36 trillion as of June 2026, while loans and advances to customers increased by 5.2 per cent to N2.49 trillion, supported by growth in retail, SME, consumer and foreign currency lending.
Customer deposits climbed 11.4 per cent to ₦4.92 trillion, with the share of low-cost deposits improving to 74.9 per cent, contributing to a 2.7 per cent decline in interest expenses year-on-year.
The Group’s total equity expanded by 40.3 per cent to ₦1.17 trillion, aided by retained earnings and an additional capital injection of about ₦227 billion during the second quarter of 2026. Its Capital Adequacy Ratio stood at 23.5 per cent at the end of the review period.
Assets under management also grew by 14.3 per cent to ₦1.95 trillion, reflecting continued market share gains in its pensions and asset management businesses.
FCMB said its non-banking businesses accounted for 26 per cent of Group profit before tax, with earnings from the segment surging 185 per cent year-on-year to ₦40.7 billion, underscoring the Group’s strategy of diversifying income beyond traditional banking operations.
