FCMB Group’s 2022 revenue hits N283bn, as profit rises 61%
The FCMB Group Plc has released its audited group results for December 31, 2022, reporting a Profit Before Tax (PBT) of N36.6 billion, representing a 61% Year-on-Year growth.
Double-digit growth was recorded across all business segments, with the banking group growing by 71.7%, while the consumer finance, investment management, and investment banking segments grew by 25.6%, 45.7%, and 26.7%, respectively.
The company, which proposed a dividend of 25k per share, also delivered impressive environmental, social and governance results in climate action, financial inclusion, food security, community initiatives, customer acquisition, and digital transformation.
It switched 12 additional branches to solar power in 2022, removing 75% of its branch network from grid/diesel generators, and provided micro-loans totalling N13 billion to 120,000 MSMEs.
The agency banking arm extended its partnership to 100,000, acquiring over 211,000 customers. Working alongside partners, FCMB supported 280,000 smallholder farmers, created over 600,000 jobs, and helped deliver Africa’s first cassava-based Sorbitol Factory.
The Group’s impressive financial results also showed a 35.5% growth in gross revenue to N283 billion from N212 billion the previous year. It was driven by a 35.5% growth in interest income and a 26.9% growth in non-interest income. Customer confidence remained strong as deposits rose 25.1% to N1.94 trillion in December 2022 from N1.55 trillion the previous year, while loans and advances witnessed a 12.4% surge to N1.20 trillion as against N1.06 trillion in 2021. The Group’s total assets increased by 19.6% from N2.50 trillion to N2.98 trillion in December 2022.
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