By Joy Baba-Yesufu
First City Monument Bank (FCMB) Group has reported a Profit Before Tax (PBT) of N111.9 billion for the financial year ending December 31, 2024, representing a 71% increase year-on-year.
This was disclosed in a corporate filing with the Nigerian Exchange Limited.
Despite a 56.6% drop in revaluation income and a 1.9% decline in Net Interest Margin (NIM), the Group posted strong revenue performance. Gross revenue rose by 53.9% to N794.4 billion from N516.4 billion in 2023, fueled by a 75.2% increase in interest income and an 8.7% rise in non-interest income.
Net interest income climbed 27.6% to N225.3 billion, although NIM was pressured by a 122% surge in funding costs. Operating expenses rose 45.7% to N229.1 billion due to higher personnel, regulatory, and FX-linked costs, alongside inflationary impacts. The cost-to-income ratio stood at 59.9%.
Meanwhile, net impairment losses dropped by 30.7% to N41.2 billion, reducing the Group’s cost of risk to 1.8%, from 3% the prior year.
FCMB’s asset base expanded significantly, with total assets rising 59.5% to N7.05 trillion, while loans and advances grew 28% to N2.36 trillion. Customer deposits surged 39.4% to N4.3 trillion.
The Group completed the first phase of its recapitalisation programme, raising N144.6 billion and doubling its share base. This boosted the capital adequacy ratio to 18% and secured the bank’s national license. Further phases are underway to meet CBN’s minimum capital requirement for international banking operations.
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