FCMB Group records 186% profit growth, proposes 50k dividend

FCMB Group Plc has recorded a profit before tax of N104.4 billion, a 186 per cent Year-on-Year increase compared to N36.6 billion in 2022 and earnings growth across its business segments.

Specifically, Banking Group recorded 212.6%, Consumer Finance 67.3%, Investment Management 40%, and Investment Banking 89.7%.Limited, NGX, showed that FCMB Group, which proposed a dividend of 50 kobo per share for its shareholders, contributed to food security and import substitution in Nigeria by increasing lending to the agricultural sector by 38.4% to N204.3 billion in 2023 from N147.4 billion in 2022.

In safeguarding the environment, it switched six additional branches of its retail and commercial banking subsidiary from grid/diesel generators to solar power last year, taking the number of branches running on renewable energy to 160, which represents 78% of total branches.

FCMB’s customer base grew by 15.6% YoY from 10.9 million to 12.5 million for the period ended December 2023, whilst users of its mobile app that offers lending, wealth and payment solutions grew by 31% YoY to 3.4 million. Commenting on the results, the Group Chief Executive of FCMB Group Plc, Mr Ladi Balogun, said: “We continue to leverage our unique Group structure to build a technology-driven ecosystem that is fostering inclusive and sustainable growth in the communities we serve.

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