FCMB Group Plc announced impressive first-quarter 2024 financial results with profit before tax rising 192.6% Year-on-Year to N31.3 billion compared to N10.7 billion in the same period in 2023. All of the Group’s business segments demonstrated significant growth, with Investment Banking leading at 228.1%, Consumer Finance at 165.4%, Banking Group at 157.2%, and Investment Management at 74.3%.
The Group Chief Executive of FCMB Group Plc, Ladi Balogun, expressed confidence that the growth trend will be sustained. He said: Despite the challenging business environment, the Group increased its contribution to economic growth by extending loans and advances to N2.2 trillion, an 85.4% increase, Year-on-Year, from N1.2 trillion in the corresponding period of 2023.Net interest income increased by 74.5%, from N31.7 billion in the first quarter of 2023 to N55.4 billion in the first quarter of 2024. Total assets increased by 68.5%, from N3.1 trillion to N5.2 trillion.
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