FCMB Posts N111.9bn Profit Before Tax in 2024 – NGX
First City Monument Bank (FCMB) recorded a profit before tax of N111.9 billion for the year ended December 31, 2024, representing a 71% increase, according to a corporate filing on the Nigerian Exchange Limited.
The bank’s gross revenue rose by 53.9% to N794.4 billion, driven by a 75.2% surge in interest income. However, net interest margin dipped 1.9% due to a 122% rise in funding costs.
Despite a 45.7% rise in operating expenses and a 56.6% drop in revaluation income, the group’s net impairment loss fell by 30.7%, lowering the cost of risk to 1.8%.
Total assets grew by 59.5% to N7.05 trillion, with loans and advances up 28% to N2.36 trillion. Customer deposits also increased by 39.4% to N4.3 trillion.
The Group completed the first phase of its recapitalisation plan, raising N144.6 billion through a public offer, doubling its shares and boosting capital adequacy ratio to 18%.
