FCMB Group reports N117.2 billion pre-tax profit as gross earnings jump 53.9% in 2024 

This figure represents a 12.32% increase year-over-year from the N104.4 billion reported in 2023, amid a significant surge in interest and discount income.

Interest and discount income reached N621.5 billion, reflecting a robust 75.08% year-over-year growth from N354.9 billion in the previous year.

Additionally, the group’s gross earnings experienced an increase of 53.93% year-over-year, rising to N794.8 billion compared to N516.3 billion reported for the year 2023.

FCMB Group reported gross earnings of N794.8 billion for the year ended December 31, 2024, reflecting a year-over-year increase of 53.93% from N516.3 billion in 2023.

This growth occurred alongside an increase in interest and discount income, which rose to N621.5 billion from N354.9 billion the previous year.

However, interest expenses increased significantly by 122.02% year-over-year, reaching N396 billion, up from N178.3 billion in the prior year. Expenses from deposits made up a large portion of this.

Despite the rise in expenses, the group’s net interest income was N225.4 billion, reflecting an increase of 27.66% from N176.5 billion the previous year.

Net fee and commission income also saw a rise of 30.17%, increasing from N45.4 billion in 2023 to N59.1 billion in 2024.

Notably, net trading income surged to N60.8 billion from N9.1 billion a year earlier, indicating a substantial year-over-year growth of 568.48%.

‘Other income’ increased as well, climbing 387.29% year-over-year from N699.6 million to N3.4 billion in 2024.

On the expense front, personnel costs rose by 60.05% year-over-year to N79.3 billion, with wages and salaries at N58.5 billion. General and administrative expenses also increased, reaching N86.7 billion compared to N63.7 billion in the prior year.

Despite these expenses, the group managed to achieve a 12.32% year-over-year growth in pre-tax profit, totaling N117.2 billion compared to N104.4 billion in 2023. Post-tax profit also increased by 16.05%, standing at N107.9 billion.

For the year ending December 31, 2024, the group reported total assets of N7 trillion, a significant increase from N4.4 trillion in the previous year.

Total liabilities also rose, reaching N6.3 trillion compared to N3.9 trillion the previous year.