FCMB Group reports 108% YoY growth in profit before tax

FCMB Group Plc (NGX: FCMB) today announced a 108% Year-on-Year (YoY) growth in profit before tax (PBT) to N55.1 billion for the nine months ended September 30, 2023, compared to N26.5 billion in the corresponding period of 2022.

The Group’s strong financial performance can be attributed to the collective strength of its diverse business segments. The Banking Group recorded a growth in earnings of 130.1%, while Consumer Finance saw a growth of 32.6%. Investment Management and Investment Banking also performed well, with growth rates of 38.7% and 27.6% respectively.

Commenting on the results, the Group Chief Executive of FCMB Group Plc, Mr Ladi Balogun, said:

“We continue to leverage our unique group structure to build a technology-driven ecosystem that fosters inclusive and sustainable growth in the communities we serve. This strategy enables us to deliver robust performance despite the challenging domestic and global environment. Barring unforeseen circumstances, we believe this trend will be sustained and accompanied by improving efficiencies arising from greater scale and ongoing digitisation”.

Source: Business Insider