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FCMB Group, a financial services holding company led by Nigerian banking executive Ladi Balogun, posted stronger-than-expected results for the first nine months of its 2025 fiscal year, thanks to the surge in interest income. It reported gross earnings of N828.1 billion ($570 million) for the period ended Sept. 30, up 40.9 percent from N587.7 billion ($404 million) a year earlier.
The growth was fueled by a 64.7 percent increase in interest income, although non-interest income fell 33.8 percent, reflecting a N54.6 billion ($37.5 million) drop in currency revaluation gains. Despite the decline in non-interest revenue, FCMB’s profit after tax rose 52 percent to N125.45 billion ($86.2 million), compared with N82.39 billion ($56.6 million) in the same period of 2024. This improvement boosted return on average equity to 22.4 percent from 12.7 percent and lifted earnings per share to N3.91 ($0.00269) from N2.46 ($0.00169).
Net interest income more than doubles
FCMB’s digital business, which includes lending, payments, and wealth management, continued to expand, contributing 13.7 percent of gross earnings. Digital revenues climbed 54 percent year-on-year to N113.6 billion ($78.1 million), with lending accounting for 74.4 percent, payments 23 percent, and wealth management 2.6 percent of the total.
Net interest income more than doubled, rising 101.9 percent to N350.8 billion ($241.2 million) as the yield on earning assets improved to 21.1 percent. Net interest margin expanded to 10.1 percent from 6.3 percent a year earlier. The bank also recorded a 28.6 percent increase in net impairment losses to N57.1 billion ($39.2 million), following the exit of its Nigerian subsidiary from the Central Bank’s loan forbearance program, which raised its cost of risk to 2.8 percent.
Assets under management reach $1.09 billion
Founded in 1982 by Otunba Subomi Balogun, FCMB has grown into one of Nigeria’s top financial institutions. Under Ladi Balogun it has strengthened its revenue base and broadened its offerings to individual, business and institutional clients. Total assets rose 2.5 percent to N7.23 trillion ($4.97 billion), while assets under management increased 15.9 percent to N1.59 trillion ($1.09 billion). Retained earnings also surged to N291.9 billion ($200.6 million).
The bank’s recent performance underscores its ability to deliver value to shareholders. FCMB recently completed its public offer and aims to finalize a minority subsidiary sale by December. With ongoing capital verification, shareholder approval and regulatory consents, It is on track to meet its N500 billion capital target for its banking subsidiary ahead of the March 2026 deadline.
