FCMB Group’s gross earnings soars 53.9% in 2024

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January 31, 2025
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2 min read
First City Monument Bank (FCMB)

The First City Monument Bank (FCMB) Group has reported significant growth in key business performance indicators in its Unaudited Financial Statement for the year ended 2024. 

FCMB, one of Nigeria's leading financial services institutions, revealed that its gross earnings rose from 516.3 billion as of December 2023 to ₦794.8 billion in December 2024, reflecting a robust increase of 53.9%. 

According to the report released on the Nigerian Exchange Group’s (NGX) website on Thursday, the holding company’s profit before tax also saw an increase from 104.4 billion recorded in 2023 to 117.2 billion in 2024. 

With after-tax deductions amounting to 9.3 billion, the Group’s profit stood at 107.9 billion. The figure shows a 16.05% increase in post-tax profit from 93.1 billion posted at the end of 2023. 

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Additionally, interest and discount income nearly doubled during the reviewed period, soaring from 354.9 billion recorded in 2023  to 621.5 billion last year, representing a 75.08% increase. 

Notably, loans and advances given to customers stood at 433 billion, accounting for 69.6% of the total interest income reported, while investment securities at amortised cost made up 17.6% at 109.5 billion. 

Meanwhile, investment securities at fair value through other comprehensive income (FVOCI) comprised 10.6% of the total, and cash and cash equivalents represented 2.05%.

Despite recording a 122.02% increase in interest expense in 2024, FCMB reported a significant rise in net interest income from 176.5 billion reported in 2023 to 225.4 billion at the end of last year. 

During the surveyed period, interest expenses rose to 396 billion from 178.3 billion in the previous year largely driven by deposits from banks and customers. 

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Furthermore, the Group’s net fee and commission income, which represents fee-based services excluding loan interests, increased significantly from 45.4 billion to 59.1 billion, reflecting a rise of 30.17% year over year.

The Group’s net trading income also experienced remarkable growth, rising fivefold from 9.1 billion reported in 2023 to N60.8 billion in 2024. 

These impressive numbers were primarily driven by FGN bonds trading income of 35.6 billion, foreign exchange trading income of 19.31 billion, and Treasury Bills trading contributing 5.9 billion.

“Other income” surged as well, rising 387.29% year-over-year from N699.6 million to 3.4 billion in 2024.

However, during the period under review, personnel costs increased by 60.05% to 79.3 billion, with wages and salaries accounting for a large portion of the increase at N58.5 billion. 

General and administrative expenses also grew, climbing to 86.7 billion compared to 63.7 billion in the prior year.

A versatile and experienced writer who enjoys demystifying complex financial data for easy consumption.
A versatile and experienced writer who enjoys demystifying complex financial data for easy consumption.
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