FCMB Group Profit Reaches N15.4 Billion in H1 2022 | The Guardian Nigeria News

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For the six months ended June 30, 2022, FCMB Group Plc reported more than impressive growth in earnings, revenue, deposits, loans and assets under management, as well as an environmental, social and governance scorecard impressive business.

The group recorded pre-tax profit of N15.4 billion, growing 73.2% year-on-year from N8.9 billion in 2021 and growing double digits across its business segments: 84.2% in the banking group, 42.7% percent in Consumer Finance, 41.9 percent in Investment Management and 253.8 percent in Investment Banking.

Gross revenue increased by 34% to N126.2 billion from January to June this year, compared to N94.2 billion in the first half of 2021. These are the highlights of the unaudited half year results of the group published on the trading floor of the Nigerian Exchange Limited. (NGX) in Lagos.

Commenting on the half-year financial results, FCMB Group Plc Group Chief Executive, Ladi Balogun, said: “We continue to leverage our unique group structure to enable a technology-driven ecosystem of platforms, customers, partners, talent and capital. contribute to the sustainable and inclusive growth of the communities we serve. We believe that despite the challenging domestic and global environment, FCMB Group is well positioned to maintain its performance trend in financial and non-financial measures.

In line with its commitment to preserving the environment, the FCMB Group has further reduced its carbon footprint by transferring eight branches from its retail and commercial banking subsidiary to Solar Power. Thus, bringing to 150 the number of branches of First City Monument Bank (FCMB) Limited running on renewable energy (73% of its branch network) – from grid/diesel generators to solar power.

During the reporting period, the Bank disbursed over 442,000 loans, totaling N21.0 billion, to over 171,000 people through its digital channels in the first six months of 2022. It also provided loans to over 12,000 small businesses, totaling N93.4. billion disbursed through its digital channels in the first half of 2022. FCMB’s focus on financial inclusion and MSMEs was reinforced by a $17.3 million funding partnership with the Mastercard Foundation to provide affordable loans to 100,000 MSMEs over the next five years, with a focus on 90% female participation.

In addition, it has contributed to food security and import substitution in Nigeria by increasing its lending to the agricultural sector from ₦53.6 billion in the first half of 2021 to ₦87.9 billion in the first half of 2022, a disbursement net of ₦34.3 billion over the past year, representing 16.5% of total loan growth over the period.

Customer confidence in the FCMB remained strong, with deposits growing by 22.3% to N1.6 trillion in June 2022, year-on-year (YoY), from N1.3 trillion in June 2021. , loans and advances disbursed by the financial institution to customers, including businesses, increased by 22.3% to 1.1 trillion naira from 916.7 billion naira. The Group’s total assets also increased by 18.3% to reach N2.7 trillion in June 2022 from N2.2 trillion in the same period last year.

The group’s assets under management (AUM) saw a 47.3% increase to an impressive N736 billion from N500 billion. The acquisition of AIICO Pensions by FCMB Pensions Limited and the successful integration of the two companies increased FCMB Pension’s assets under management by 61.2% to N618.0 billion.

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