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FCMB Group, the Nigerian financial services holding company led by banking executive Ladi Balogun, expects earnings to more than double in the first quarter of 2026, as its core banking business continues to post steady gains and support group-wide growth.
In its earnings forecast for the three months ended March 31, 2026, the group said profit after tax is projected to rise to N62.55 billion ($44.03 million), up from N28.77 billion ($20.25 million) a year earlier. Pretax profit is expected to reach N74.45 billion ($52.43 million), compared with N31.34 billion ($22.07 million) in the first quarter of 2025.
Earnings growth forecast despite higher costs
The projected profit growth reflects a sharp increase in gross earnings, which FCMB Group estimates will climb 64 percent to N293.81 billion ($206.76 million), from N179.06 billion ($126.1 million) in the prior-year period.
Interest income is forecast to rise to N251.6 billion ($177.06 million), while non-interest income is expected to increase to N42.18 billion ($29.7 million), highlighting broader contributions beyond traditional lending.
Higher revenue is expected to come with rising costs. The group projects operating expenses of N95.33 billion ($67.06 million) for the quarter, alongside estimated loan losses of N10.24 billion ($7.2 million). Income tax for the period is forecast at N11.89 billion ($8.36 million).
FCMB growth strengthens long-term stability
The upbeat first-quarter outlook follows a resilient performance in the first nine months of its 2025 financial year. Profit after tax for the nine-month period rose 52 percent to N125.45 billion ($86.2 million), compared with N82.39 billion ($56.6 million) in the same period of 2024.
That result was driven by a 64.7 percent increase in interest income, offset in part by a 33.8 percent drop in non-interest income due to a N54.6 billion ($37.5 million) decline in currency revaluation gains. Even so, the improvement lifted return on average equity to 22.4 percent from 12.7 percent and increased earnings per share to N3.91 ($0.00269) from N2.46 ($0.00169).
As of Sept. 30, 2025, FCMB Group reported total assets of N7.23 trillion ($4.97 billion), up 2.5 percent, while assets under management rose 15.9 percent to N1.59 trillion ($1.09 billion) and retained earnings increased to N291.9 billion ($200.6 million), strengthening its balance sheet.
FCMB legacy grows with bold vision
Founded in 1982 by Otunba Subomi Balogun, FCMB has grown into one of Nigeria’s established financial institutions. Under Ladi Balogun's leadership, the group has expanded its revenue base and widened its services for retail, corporate and institutional clients.
With capital verification ongoing and regulatory approvals in view, FCMB Group remains on course to meet the N500 billion ($351 million) capital requirement for its banking subsidiary ahead of the Central Bank of Nigeria’s March 2026 deadline.
The group raised N147.5 billion in December 2024, with a 33 percent oversubscription, boosting the paid-up share capital and share premium of First City Monument Bank Limited to over N240 billion ($170 million), above the minimum for a national banking license.
In October 2025, FCMB launched a N160 billion ($112.6 million) public share sale to further strengthen the bank and comply with the CBN’s N500 billion minimum capital requirement for international banks. It is also finalizing a minority subsidiary sale as part of the push.
