FCMB Group Reports ₦157.3bn H1 Profit As Earnings Surge 99 Percent

• FCMB Group nearly doubled its half-year profit before tax to ₦157.3 billion, driven by stronger interest income, expanding margins and improved earnings across all business divisions.

• The financial services group strengthened its balance sheet with a ₦227 billion capital injection, lifting shareholders’ funds to ₦1.17 trillion and the capital adequacy ratio to 23.5 percent.

• Digital businesses and non-banking subsidiaries continued to gain momentum, reinforcing FCMB’s diversification strategy as the group targets a return on equity above 25 percent in 2026.

July 28, () — FCMB Group Plc delivered a strong earnings performance in the first half of 2026, with profit before tax almost doubling to ₦157.3 billion as stronger interest income, improved funding costs and contributions from its diversified businesses offset the impact of tighter regulatory provisioning.

The unaudited results released on the Nigerian Exchange Limited (NGX) showed that profit before tax rose 99 percent from ₦79.1 billion recorded in the corresponding period of 2025, extending the earnings momentum achieved in the previous financial year.

Gross earnings increased by 27.8 percent to ₦676.2 billion from ₦529.2 billion, supported by a 31 percent rise in interest income and a 22 percent expansion in earning assets to ₦5.98 trillion.

Annualised earnings per share rose to ₦4.23 despite the enlarged post-recapitalisation share base, reflecting stronger earnings generation across the business.

Banking and non-banking businesses drive growth

The group recorded profit growth across its four operating divisions, underlining the strength of its diversified business model.

Consumer Finance posted the strongest increase with 92 percent growth in profit before tax, followed by the Banking Group with 80 percent, Investment Banking with 76 per cent and Investment Management with 50 percent.

The group’s non-banking businesses also strengthened their contribution to overall profitability, generating ₦40.7 billion in profit before tax, representing a 185 percent year-on-year increase and accounting for 26 percent of total group profit before tax.

Digital operations maintained strong momentum during the period, with revenue from payments, lending and wealth management businesses rising to ₦89.1 billion from ₦73.6 billion a year earlier, contributing 13.2 percent of gross earnings.

Stronger capital, deposits support expansion

FCMB continued to strengthen its balance sheet following its recapitalisation programme.

Total assets rose by 9.5 percent to ₦8.36 trillion, while customer loans increased by 5.2 percent to ₦2.49 trillion, driven by continued expansion in retail, SME, consumer lending and foreign currency lending to corporate customers.

Customer deposits climbed 11.4 per cent to ₦4.92 trillion, with the proportion of low-cost deposits improving to 74.9 percent. The improved funding mix helped reduce interest expenses by 2.7 percent year-on-year.

Shareholders’ funds increased by 40.3 percent to ₦1.17 trillion following retained earnings growth and a fresh capital injection of about ₦227 billion during the second quarter, lifting the group’s Capital Adequacy Ratio to 23.5 percent.

Assets under management also rose 14.3 percent to ₦1.95 trillion, supported by continued growth at FCMB Pensions and FCMB Asset Management.

Group confident of stronger full-year performance

Commenting on the results, Group Chief Executive Ladi Balogun said the performance reflected the benefits of the group’s recapitalised balance sheet and diversified operating model.

According to him, expanding net interest margins, an improved low-cost deposit mix, disciplined cost management and growing earnings from non-banking businesses have strengthened the quality and sustainability of the group’s earnings.

Balogun added that the group remains on course to achieve a return on equity of more than 25 percent for the 2026 financial year.