•Profit rises 61% to N36.6bn
FCMB Group Plc has released its audited group results for December 31, 2022, reporting a Profit Before Tax (PBT) of N36.6 billion, representing a 61percent Year-on-Year growth. It also recorded double-digit growth across all business segments, with the banking group growing by 71.7percent, while the consumer finance, investment management, and investment banking segments grew by 25.6 percent, 45.7percent, and 26.7percent, respectively.
The company, which proposed a dividend of 25k per share, also delivered impressive environmental, social and governance results in climate action, financial inclusion, food security, community initiatives, customer acquisition, and digital transformation. It switched 12 additional branches to solar power in 2022, removing 75percent of its branch network from grid/diesel generators, and provided micro-loans totalling N13 billion to 120,000 MSMEs. The agency banking arm extended its partnership to 100,000, acquiring over 211,000 customers. Working alongside partners, FCMB supported 280,000 smallholder farmers, created over 600,000 jobs, and helped deliver Africa’s first cassava-based sorbitol factory.
The Group’s financial results also showed a 35.5 percent growth in gross revenue to N283 billion from N212 billion the previous year. It was driven by a 35.5 percent growth in interest income and a 26.9 percent growth in non-interest income. Customer confidence remained strong as deposits rose 25.1% to N1.94 trillion in December 2022 from N1.55 trillion the previous year, while loans and advances witnessed a 12.4% surge to N1.20 trillion as against N1.06 trillion in 2021. The Group’s total assets increased by 19.6 percent from N2.50 trillion to N2.98 trillion in December 2022.
Investment Banking (advisory and primary debt and equity capital markets) transaction value consummated by the Group rose to N857.1 billion in 2022, compared to N582.9 billion in 2021. This delivered a 47percent growth in fees from capital raise and financial advisory services over the period. The financial service Group’s Assets Under Management (AUM) also sustained its growth trajectory rising to N783.7 billion in 2022, up by 49.0 percent from N525.7 the prior year.
FCMB’s Group Chief Executive, Mr Ladi Balogun, however assured that his management would continue to deliver on value creation to shareholders and contribute more to economic growth and employment in the years ahead.