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FCMB Group Plc, the financial services holding company led by managing director and chief executive Ladi Balogun, closed its 2025 financial year with a sharp rise in earnings, reflecting stronger income from its core banking business even as costs and credit losses climbed.
The lender’s profit more than doubled to N176.9 billion ($127.5 million) in the year ended Dec. 31, 2025, up from N73.3 billion ($52.8 million) a year earlier, according to unaudited consolidated and separate financial statements released by the group. Profit before tax rose to N200.9 billion ($144.75 million), compared with N111.9 billion ($80.6 million) in 2024.
The improvement was driven largely by higher income, as FCMB benefited from rising interest rates and a broader revenue base across its banking operations. Gross earnings increased to N1.126 trillion ($811 million) from N794.43 billion ($572.3 million) the previous year.
Revenue strength offsets rising expenses
Net interest income more than doubled, climbing to N502.9 billion ($362.2 million) from N225.3 billion ($162.3 million), while net fee and commission income rose to N73.8 billion ($53.1 million) from N58.8 billion ($42.3 million).
That growth helped cushion a decline in net trading income, which fell to N39.2 billion ($28.2 million) from N53.8 billion ($38.75 million). At the same time, the group faced higher costs tied to credit quality and operating expenses. Net impairment losses on financial instruments increased to N86 billion ($62 million), up from N41.4 billion ($29.8 million) a year earlier.
Operating expenses also moved higher. Personnel expenses rose to N105.9 billion ($76.25 million) from N79.3 billion ($57.1 million), while general and administrative expenses climbed to N127 billion ($91.44 million) from N87.5 billion ($63 million). Other expenses increased to N68.74 billion ($49.5 million), compared with N48.33 billion ($34.8 million) in 2024.
FCMB expands assets, forecasts profit growth
Founded in 1982 by Nigerian banking pioneer Otunba Subomi Balogun, FCMB has grown into one of the country’s established financial groups, serving retail, corporate and institutional clients. Under Ladi Balogun, the group has continued to widen its income sources while maintaining a strong focus on its core banking franchise.
Its earnings translated into balance-sheet growth. Total assets rose to N7.54 trillion ($5.42 billion) as of Dec. 31, 2025, from N7.05 trillion ($5.07 billion) a year earlier. Shareholders’ equity increased to N823.4 billion ($592.8 million) from N688.98 billion ($496 million), while retained earnings grew to N309.2 billion ($222.6 million) from N188.4 billion ($135.6 million).
Looking ahead, FCMB expects earnings to continue improving into 2026. In the first quarter of its 2026, the group projects profit after tax of N62.55 billion ($45.04 million), up from N28.77 billion ($20.71 million) in the same period a year earlier. Pretax profit is forecast at N74.45 billion ($53.6 million), compared with N31.34 billion ($22.56 million) in the first quarter of 2025.
FCMB advances capital plan ahead deadline
The group is also pressing ahead with plans to meet the Central Bank of Nigeria’s recapitalization rules. With capital verification ongoing and regulatory approvals in progress, FCMB aims to meet the N500 billion ($360 million) capital requirement for its banking subsidiary ahead of the March 2026 deadline.
It raised N147.5 billion ($106.2 million) in December 2024 through an offer that was 33 percent oversubscribed, lifting the paid-up share capital and share premium of First City Monument Bank Limited to more than N240 billion ($172.8 million). In October 2025, the group launched a N160 billion ($115.2 million) public share sale and is finalizing a minority subsidiary sale as part of its broader capital plan.
