Kayode Tokede
FCMB Group Plc has announced its audited financial results for the year ended Dec. 31, 2025, and its unaudited results for the first quarter ended March 31, 2026.
For the 2025 financial year, the Group’s profit before tax rose 81 per cent year-on-year to N202.1 billion from N111.9 billion in 2024, while profit after tax increased 142 per cent to N177.3 billion, leading to Return on equity improving to 23.2 per cent.
The strong earnings momentum continued into the first quarter of 2026, with profit before tax and profit after tax increasing by 148 per cent and 137 per cent, respectively, to N87.0 billion and N76.5 billion.
All business divisions recorded double-digit growth and contributed positively to profitability during the period. In 2025, the banking subsidiary grew profit before tax by 110 per cent to N163.3 billion, while the consumer finance, investment management and investment banking businesses recorded profit growth of 107 per cent, 29 per cent and 90 per cent, respectively. In the first quarter of 2026, profit growth across the divisions was 97 per cent for banking, 99 per cent for consumer finance, 54 per cent for investment management, and 322 per cent for investment banking.
The banking subsidiary, First City Monument Bank Limited, benefited from the deployment of proceeds from its 2024 capital raise and higher yields on earning assets, resulting in growth in net interest income and return on equity.
Gross revenue grew 42.5 per cent to N1.13 trillion in 2025, largely driven by a 61.7 per cent growth in interest income and a 17.3 per cent growth in earning assets, which grew from N4.18 trillion to N4.90 trillion. The same drivers supported a strong start to 2026, with gross revenue growing by 26.7 per cent to N320.2 billion in the first quarter, compared with N252.7 billion in the corresponding period of 2025.
Customer confidence in FCMB remained strong. Current and savings account balances grew 17 per cent by N420.5 billion during 2025 and a further 15 per cent by N433.5 billion in the first quarter of 2026. Total customer deposits increased by 2.8 per cent in 2025 and 5.8 per cent in the first quarter of 2026, as low-cost deposit mix improved from 65.4 per cent to 71.1 per cent.
Net interest income grew by 124.5 per cent to N505.9 billion in 2025 from N225.3 billion in 2024, driven by a growth in net interest margin to 9.5 per cent from 6.3 per cent. This momentum continued into 2026, with net interest margin growing further to 10.7 per cent in the first quarter.
Alongside stronger revenue generation, the Group improved operating efficiency. Its cost-to-income ratio declined to 53.8 per cent by the end of 2025 from 59.9 per cent. These gains were supported by continued investments in people, technology and business expansion.
Total assets increased 8.2 per cent to N7.63 trillion at the end of 2025 from N7.05 trillion a year earlier and grew a further 4.4 per cent to N7.96 trillion as of March 31, 2026, reflecting the Group’s focus on balance sheet efficiency and optimisation.
The Group also maintained a disciplined approach to lending while expanding support for consumers and small businesses. Loans and advances to customers increased 0.4% to N2.37 trillion in 2025, while consumer and SME lending rose 24 per cent to N930 billion. Total loans and advances stood at N2.23 trillion at the end of the first quarter of 2026.
Assets under management maintained a strong growth trajectory, growing 24.2 per cent to N1.70 trillion at the end of 2025 from N1.37 trillion in 2024. This further grew by 10.1 per cent to N1.88 trillion as of March 2026, supported by continued market share gains by FCMB Pensions and FCMB Asset Management.
Commenting on the results, Group Chief Executive Ladi Balogun said: “These results reflect the strength of our diversified business model and disciplined execution. We grew earnings, improved efficiency and strengthened our balance sheet while continuing to support customers and create value for shareholders. Our strong start to 2026 positions us well to sustain growth across the Group.”