FCMB Group Plc has released its unaudited results for the six months ended June 30, 2026, showing profit before tax nearly doubling year-on-year. The group reported profit before tax of ₦157.3 billion, up 99% from ₦79.1 billion in the comparable period of 2025, building on the momentum it carried through the 2025 financial year.
Within the group, profit before tax expanded across all four operating divisions. Consumer Finance grew by 92% year-on-year, the Banking Group rose 80%, Investment Banking increased 76%, and Investment Management advanced 50%, underscoring the broad-based improvement in earnings performance.
Gross earnings climbed 27.8% to ₦676.2 billion in the first half of 2026 from ₦529.2 billion in the first half of 2025. The acceleration was supported by a 31.0% rise in interest income and a 22% increase in earning assets, which moved from ₦4.90 trillion to ₦5.98 trillion over the period. Reflecting stronger profitability and an enlarged share base following recapitalisation, annualised earnings per share increased to ₦4.23 for the first half of 2026 from ₦3.96 for the full year 2025, indicating improved earnings capacity despite dilution from the post-recapitalisation structure.
Commenting on the performance, Ladi Balogun, Group Chief Executive of FCMB Group, said the company’s first-half results demonstrate the strength of its recapitalised and diversified business model. He noted that FCMB delivered record profitability while continuing the normalisation of asset quality toward regulatory benchmarks, describing this as part of its effort to build a stronger balance sheet for long-term growth. Balogun also pointed to expanding net interest margins, an improved mix of low-cost deposits, disciplined cost management, and rising contributions from non-banking activities as factors supporting the quality and durability of earnings. The company said it remains on track to achieve a return on equity above 25% for the 2026 financial year.
FCMB’s digital operations—covering Payments, Lending and Wealth—continued to gain traction. Digital revenue increased to ₦89.1 billion for the first half of 2026, up from ₦73.6 billion in the first half of 2025, and accounted for 13.2% of gross earnings. The group attributed the improvement to continued volume growth across lending, payment services, and wealth-related offerings.
Balance-sheet growth also remained a central theme. Total assets rose 9.5% to ₦8.36 trillion as of June 2026. Loans and advances to customers increased 5.2% to ₦2.49 trillion, supported by continued growth in higher-yield retail, SME and consumer lending, along with foreign-currency loans extended to corporate clients. Customer deposits grew 11.4% to ₦4.92 trillion, and the low-cost deposit mix improved further to 74.9%, helping push down the cost of funds. Consistent with that trend, interest expense fell 2.7% year-on-year.
On the capital side, total equity expanded 40.3% to ₦1.17 trillion, supported by retained earnings and an additional capital injection of roughly ₦227 billion during the second quarter of 2026. With these buffers in place, the group reported a capital adequacy ratio of 23.5% for the first half of 2026, providing capacity to support further growth.
FCMB also reported continued strength in fee and funds-based activities through its asset management platform. Assets under management increased 14.3% to ₦1.95 trillion at June 2026, supported by ongoing market-share gains at FCMB Pensions and FCMB Asset Management.
The group said its non-banking businesses collectively contributed 26% of group profit before tax. Non-banking profits rose 185% year-on-year to ₦40.7 billion, reinforcing the diversification of earnings beyond traditional banking revenue streams.
FCMB Group Plc is a financial services company headquartered in Lagos, Nigeria, operating through four business groupings. These include the Banking Group (First City Monument Bank Limited, FCMB (UK) Limited, and FCMB Microfinance Bank Limited), Consumer Finance (Credit Direct Limited), Investment Banking (FCMB Capital Markets Limited and CSL Stockbrokers Limited), and Investment Management (FCMB Pensions Limited, FCMB Asset Management Limited, and FCMB Trustees Limited). The company is listed on the Nigerian Stock Exchange under the FCMB ticker and reported 65,954,593,274 ordinary shares held by more than 620,000 shareholders.
Its flagship entity, First City Monument Bank Limited, serves about 15 million customers and operates 205 branches across Nigeria. The bank also has a banking subsidiary in the United Kingdom via FCMB Bank (UK) Limited, which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the PRA in the United Kingdom.
