H1 2022: FCMB Group records 73.2% profit growth to N15.4 billion, an impressive food security scorecard

Lagos: July 29, 2022: For the six months ended June 30, 2022, FCMB Group Plc reported more than impressive growth in earnings, revenue, deposits, loans and assets under management, as well as Impressive climate action and financial inclusion, food security, customer acquisition and digital transformation dashboard.

The Group recorded pre-tax profit of N15.4 billion, growing 73.2% year-on-year from N8.9 billion in 2021 and growing at two figures in its business segments: 84.2% in Banking Group, 42.7% in Consumer Finance, 41.9% in Investment Management and 253.8% in Investment Banking.

Gross revenue increased by 34% to N126.2 billion from January to June this year, compared to N94.2 billion in the first half of 2021. These are the highlights of the half-year results unaudited accounts of the group published on the trading floor of the Nigerian Exchange Limited (NGX) on Tuesday, July 26, 2022 in Lagos.

Commenting on the half-year financial results, FCMB Group Plc Group Managing Director, Mr. Ladi Balogun, said:

"We continue to leverage our unique group structure to enable a technology-driven ecosystem of platforms, customers, partners, talent and capital to contribute to the sustainable and inclusive growth of communities. we serve. We believe that despite the challenging domestic and global environment, FCMB Group is well positioned to maintain its performance trend in both financial and non-financial metrics."

In line with its commitment to environmental protection, FCMB Group has further reduced its carbon footprint by moving eight (8) branches of its retail and commercial banking subsidiary to Solar Power. Thus, the number of branches of First City Monument Bank (FCMB) Limited running on renewable energy increases to 150 (73% of its branch network) - from grid/diesel generators to solar power.< /p>

During the reporting period, the Bank disbursed over 442,000 loans, totaling N21.0 billion, to over 171,000 people through its digital channels in the first six months of 2022. It has also provided loans to over 12,000 small businesses, totaling N93.4 billion disbursed through its digital channels in the first half of 2022. FCMB's focus on financial inclusion and MSMEs has been bolstered by a $17.3 million financing partnership with the Mastercard Foundation to provide affordable loans to 100,000 MSMEs over the next five years, with a focus on 90% female participation.

Furthermore, it has contributed to food security and import substitution in Nigeria by increasing its lending to the agricultural sector from ₦53.6 billion in the first half of 2021 to ₦87.9 billion in the first half 2022, a net disbursement of ₦34.3 billion over the last year, representing 16.5% of total loan growth over the period.

Client confidence in the FCMB remained strong, with deposits growing by 22.3% to N1.6 trillion in June 2022, year-on-year, from N1.3 trillion in June 2021. , loans and advances disbursed by the financial institution to customers, including businesses, increased by 22.3% to N1.1 trillion from N916.7 billion. The Group's total assets also increased by 18.3% to reach N2.7 trillion in June 2022 from N2.2 trillion in the same period last year.

The Group's Assets Under Management (AUM) increased by 47.3% to an impressive N736 billion from N500 billion. The acquisition of AIICO Pensions by FCMB Pensions Limited and the successful integration of the two companies increased FCMB Pension's assets under management by 61.2% to N618.0 billion.

FCMB ​​Group Plc is a not-for-profit company committed to policies, practices, inputs and outputs that benefit all stakeholders by easing credit constraints for the disadvantaged and small businesses to increase income and reduce poverty.