FCMB Group Plc has announced a 73.2 per cent increase in profit for the six months ending June 30, 2022.
According to a statement, the bank made a profit before tax of ₦15.4 billion, representing a 73.2 per cent year-on-year increase from ₦8.9 billion in 2021. It also achieved 84.2 per cent in the Banking Group, 42.7 per cent in Consumer Finance, 41.9% in Investment Management, and 253.8 per cent in investment banking. According to the statement, the FCMB’s gross revenue increased by 34% from January to June this year, to ₦126.2 billion, compared to ₦94.2 billion in H1 2021.
It stated that these are the highlights of the group’s unaudited half-year results, which will be released on the floor of the Nigerian Exchange Limited in Lagos on Tuesday, July 26, 2022.
Mr Ladi Balogun, Group Chief Executive FCMB Group Plc, stated that the bank would continue to leverage its technology ecosystem in response to the positive half-year financial results.
“We continue to leverage our unique group structure to enable a technology-driven ecosystem of platforms, customers, partners, talents, and capital to contribute to the long-term and inclusive growth of the communities we serve“, he said.
“Despite the challenging domestic and global environments, we believe that FCMB Group is well positioned to maintain its performance trend in financial and non-financial metrics”.
To protect the environment, the FCMB said it reduced its carbon footprint even further by converting eight branches of its retail and commercial banking subsidiary to solar power.
As a result, the bank now has 150 branches that use renewable energy, representing a 73% conversion of its branch network from grid/diesel generators to solar power.
The bank disbursed over 442,000 loans totalling ₦21.0 billion to over 171,000 people through its digital channels in the first six months of 2022, according to the statement.
It also made loans to over 12,000 small businesses, with a total of ₦93.4 billion disbursed through its digital channels in the first half of 2022.
FCMB’s commitment to financial inclusion and MSMEs has been strengthened by a $17.3 million funding partnership with the MasterCard Foundation to provide affordable loans to 100,000 MSMEs over the next five years, to achieve 90% female participation.
Another statement stated that it contributed to food security and import substitution in Nigeria by increasing lending to the agricultural sector from ₦53.6 billion in H1 2021 to ₦87.9 billion in H1 2022, with a net disbursement of ₦34.3 billion over the last year, accounting for 16.5 per cent of total loan growth over the period.
Deposits increased by 22.3 per cent year on year to ₦1.6 trillion in June 2022, from ₦1.3 trillion in June 2021, according to the statement. Furthermore, loans and advances made by the financial institution to customers, including businesses, increased by 22.3 per cent to ₦1.1 trillion from ₦916.7 billion.
The group’s total assets increased by 18.3 per cent to ₦2.7 trillion in June 2022, up from ₦2. trillion in the same period last year.