Nigeria’s FCMB Announces Impressive 2024 Results, Profit Revealed

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First City Monument Bank (FCMB) has announced a Profit Before Tax (PBT) of N111.9 billion for the financial year ending December 31, 2024. This represents a 71% growth, driven by a significant increase in gross revenue.

According to the bank’s corporate statement released on the Nigerian Exchange Limited, gross revenue stood at N794.4 billion for the period ending December 2024, marking a 53.9% increase from N516.4 billion in the previous year.

“We are pleased with the significant growth in our revenue, driven by a 75.2% rise in interest income and an 8.7% increase in non-interest income,” said a spokesperson for FCMB.

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The bank’s net interest income rose by 27.6% to N225.3 billion, while yield on earning assets improved to 16.2%. However, net interest margin declined by 1.9% due to a 122% rise in funding costs.

Operating expenses increased by 45.7% year-on-year to N229.1 billion, driven by higher personnel costs, regulatory costs, foreign currency-linked expenses, and inflationary pressures

The bank’s cost-to-income ratio closed at 59.9% for the period ending December 2024. Net impairment loss on financial assets declined by 30.7% year-on-year to N41.2 billion.

The Group’s divisions recorded year-on-year growth, with consumer finance rising by 83.5% and investment management by 27.9%, while the banking group declined by 7.7%.

Group earnings remained diversified, with non-bank subsidiaries accounting for over 30% of profits. Loans and advances increased by 28% year-on-year to N2.36 trillion, while total assets grew by 59.5% year-on-year to N7.05 trillion.

Customer deposits rose by 39.4% year-on-year, reaching N4.30 trillion. The bank also completed the first phase of its capital-raising programme, securing N144.6 billion through a public offer.

“In line with the CBN’s directive, the Group focused on strengthening the banking franchise and building a more resilient balance sheet in 2024,” the statement read.

The capital injection has enabled First City Monument Bank Ltd. to secure its national banking licence and raise its capital adequacy ratio to 18%.

“This has created essential buffers to support asset creation in select segments,” the statement added.

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