FCMB Group Plc (NGX: FCMB) has posted a 99% year-on-year increase in profit before tax to ₦157.3 billion for the half-year ended June 30, 2026, up from ₦79.1 billion in the same period of 2025. The unaudited financial results, released on the Nigerian Exchange Limited, extend the strong earnings momentum recorded in the 2025 financial year.
Divisional Growth Across All Segments
All four divisions of the Group recorded year-on-year growth in profit before tax: Consumer Finance (92%), Banking Group (80%), Investment Banking (76%), and Investment Management (50%). Gross earnings rose by 27.8% to ₦676.2 billion, compared to ₦529.2 billion in H1 2025, driven by a 31.0% increase in interest income and a 22% growth in earning assets from ₦4.90 trillion to ₦5.98 trillion.
Enhanced Earnings Per Share and Digital Revenue
Annualised Earnings Per Share (EPS) climbed to ₦4.23 in H1 2026 from ₦3.96 for the full year 2025, despite a larger post-recapitalisation share base, demonstrating the Group's enhanced earnings-generating capacity. Digital revenue, encompassing Payments, Lending and Wealth, increased to ₦89.1 billion from ₦73.6 billion in H1 2025, contributing 13.2% of gross earnings as volumes grew across all digital channels.
Ladi Balogun, Group Chief Executive of FCMB Group, commented: “Our first-half performance demonstrates the strength of our recapitalised and diversified business model. We delivered record profitability despite accelerating the normalisation of asset quality towards regulatory thresholds, reflecting our commitment to building a stronger balance sheet for long-term growth. Expanding net interest margins, an improved low-cost deposit mix, disciplined cost management, and growing contributions from our non-banking businesses continue to enhance the quality and sustainability of our earnings. We remain firmly on track to deliver a Return on Equity (RoE) of over 25% for the 2026 financial year.”
Balance Sheet Strength and Asset Growth
Total assets expanded by 9.5% to ₦8.36 trillion at June 2026, as the Group prioritised balance-sheet efficiency and optimisation. Loans and advances to customers grew by 5.2% to ₦2.49 trillion, supported by higher-return retail, SME, consumer lending, and foreign-currency loans to corporate clients. Customer deposits rose by 11.4% to ₦4.92 trillion, while the low-cost deposit mix improved to 74.9%, leading to a decline in the cost of funds year-on-year, with interest expense falling by 2.7%.
Total equity surged by 40.3% to ₦1.17 trillion, supported by retained earnings growth and an additional capital injection of approximately ₦227 billion during the second quarter of 2026. This resulted in a Capital Adequacy Ratio of 23.5% for H1 2026, providing a sound capital buffer for future expansion.
Non-Banking Businesses Drive Diversification
Assets Under Management increased by 14.3% to ₦1.95 trillion at June 2026, driven by market-share gains at FCMB Pensions and FCMB Asset Management. The Group's non-banking businesses collectively contributed 26% of Group profit before tax, with profits soaring 185% year-on-year to ₦40.7 billion, reinforcing the diversification of earnings beyond traditional banking.
FCMB Group Plc is a financial services group headquartered in Lagos, Nigeria, with four business groups: Banking Group (First City Monument Bank, FCMB UK, FCMB Microfinance Bank), Consumer Finance (Credit Direct), Investment Banking (FCMB Capital Markets, CSL Stockbrokers), and Investment Management (FCMB Pensions, FCMB Asset Management, FCMB Trustees). Listed on the Nigerian Stock Exchange (ticker: FCMB), it has 65,954,593,274 ordinary shares held by over 620,000 shareholders. First City Monument Bank, the flagship, serves about 15 million customers through 205 branches in Nigeria and a UK subsidiary.
