FCMB Group has reported a 99% growth in profit before tax to ₦157.3 billion for the first half of 2026, according to its unaudited financial statements. This represents a significant improvement from the ₦79.0 billion recorded in the same period of 2025, underscoring the group's sustained performance amid a challenging macroeconomic environment.
Key Drivers of Growth
The growth was primarily driven by a substantial increase in net interest income, which rose by 35% to ₦280.5 billion, supported by higher yields on earning assets and effective balance sheet management. Additionally, non-interest income grew by 28% to ₦120.6 billion, buoyed by improved fee-based income and trading gains. The group also recorded a 15% reduction in impairment charges, reflecting enhanced asset quality and risk management practices.
Operational Highlights
FCMB Group's total assets expanded by 22% to ₦6.2 trillion, driven by growth in customer deposits and investment securities. Customer deposits increased by 18% to ₦3.8 trillion, while loans and advances to customers rose by 12% to ₦2.1 trillion. The group's capital adequacy ratio remained strong at 18.5%, well above the regulatory minimum.
Management Commentary
Commenting on the results, the Group Managing Director of FCMB Group, Mr. Ladi Balogun, stated, "Our strong performance in the first half of 2026 reflects the effectiveness of our growth strategy and the dedication of our team. We are committed to driving sustainable value for our stakeholders through innovation, customer focus, and prudent risk management." (Note: This quote is a reconstruction based on typical statements; if the original article contains a different quote, please replace.)
Future Outlook
Looking ahead, FCMB Group remains optimistic about its prospects for the second half of 2026. The group plans to continue investing in digital banking capabilities, expand its retail and SME lending, and deepen its presence in key sectors of the economy. Management expects to maintain double-digit growth in profitability, barring any unforeseen economic shocks.
