FCMB Group Plc has published audited figures for the year ended December 31, 2025, alongside unaudited results for the first quarter ended March 31, 2026, showing a sharp rise in profitability and improving balance-sheet metrics. The group’s earnings momentum carried into 2026 as revenue expanded, margins strengthened and operating costs were better managed, supported by contributions from all major business lines.
Full-year 2025 performance: profits surge and returns improve
For the 2025 financial year, FCMB Group’s profit before tax climbed 81% year-on-year to ₦202.1 billion, up from ₦111.9 billion in 2024. Profit after tax increased even faster, rising 142% to ₦177.3 billion. As a result, return on equity improved to 23.2%.
The group said all segments delivered double-digit growth and supported profitability across the period, with notable expansion in banking and consumer-focused activities as well as in investment-related businesses.
- The banking unit’s profit before tax rose 110% to ₦163.3 billion in 2025.
- Consumer finance profit grew 107%.
- Investment management profit increased 29%.
- Investment banking profit advanced 90%.
First-quarter 2026: earnings growth continues across divisions
FCMB Group reported that the strong performance extended into the first quarter of 2026. Profit before tax rose by 148% and profit after tax increased by 137%, reaching ₦87.0 billion and ₦76.5 billion, respectively.
Segment-level results also showed broad-based momentum:
- Banking profit growth was 97%.
- Consumer finance profit growth was 99%.
- Investment management profit growth was 54%.
- Investment banking profit growth was 322%.
Revenue, deposits and margins: drivers of the turnaround
The company attributed the improvement to stronger revenue generation, including the impact of higher yields on earning assets and the deployment of proceeds from its 2024 capital raise in the banking subsidiary, First City Monument Bank Ltd. FCMB Group said these factors boosted net interest income and strengthened return on equity.
Gross revenue rose 42.5% in 2025 to ₦1.13 trillion, with interest income up 61.7% and earning assets increasing 17.3% to ₦4.90 trillion (from ₦4.18 trillion). In the first quarter of 2026, gross revenue climbed 26.7% to ₦320.2 billion, compared with ₦252.7 billion in the same quarter of 2025.
Customer activity remained firm. Current and savings account balances increased by ₦420.5 billion during 2025 (a 17% rise) and then added a further ₦433.5 billion in the first quarter of 2026 (up 15%). Total customer deposits grew 2.8% in 2025 and 5.8% in the first quarter of 2026, while the low-cost deposit mix improved from 65.4% to 71.1%.
Net interest income surged 124.5% in 2025 to ₦505.9 billion from ₦225.3 billion in 2024. The growth was linked to net interest margin rising to 9.5% from 6.3%. That trend continued into 2026, with net interest margin expanding further to 10.7% in the first quarter.
Cost discipline, balance-sheet expansion and capital position
Along with higher revenue, FCMB Group reported improved operating efficiency. Its cost-to-income ratio fell to 53.8% at the end of 2025 from 59.9%, with the group pointing to continued investment in people, technology and business expansion.
The group also said it expanded its asset base while focusing on balance sheet efficiency. Total assets increased 8.2% to ₦7.63 trillion at the end of 2025 (from ₦7.05 trillion a year earlier) and grew another 4.4% to ₦7.96 trillion as of March 31, 2026.
FCMB described a disciplined lending approach alongside expanded support for consumers and small businesses. Loans and advances to customers rose 0.4% to ₦2.37 trillion in 2025, while consumer and SME lending increased 24% to ₦930 billion. Total loans and advances stood at ₦2.23 trillion at the end of the first quarter of 2026.
Assets under management continued to grow. They expanded 24.2% to ₦1.70 trillion at the end of 2025 (from ₦1.37 trillion in 2024) and then increased by 10.1% to ₦1.88 trillion as of March 2026, supported by continued market share gains by FCMB Pensions and FCMB Asset Management.
Capital and equity levels also strengthened. Total equity rose 21.4% to ₦835.4 billion at the end of 2025, and increased further to ₦1.14 trillion as of March 2026 (up 36.5%). FCMB attributed the improvement to retained earnings and additional capital raised through the group’s 2025 public offer. The capital adequacy ratio stood at 26.95% as of March 2026, providing what the company described as a strong buffer for future growth.
FCMB Group proposed a dividend of 35 kobo per share.
Management view and corporate footprint
Commenting on the results, Group Chief Executive Ladi Balogun said the numbers reflect the strength of FCMB’s diversified business model and disciplined execution. He added that the company grew earnings, improved efficiency and strengthened its balance sheet, while continuing to support customers and create value for shareholders, and that the strong start to 2026 positions the group to sustain growth across its operations.
FCMB Group Plc is a financial services group headquartered in Lagos, Nigeria. Its operating companies are organised into four business groups: 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 ticker symbol FCMB, with 65,954,593,274 ordinary shares held by more than 620,000 shareholders.
First City Monument Bank Limited, the group’s flagship business, has about 15 million customers and 205 branches in Nigeria, along with a UK banking subsidiary, FCMB Bank (UK) Limited. FCMB Bank (UK) Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the PRA in the United Kingdom.
