{"id":63237,"date":"2022-08-01T05:13:26","date_gmt":"2022-08-01T04:13:26","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=63237"},"modified":"2022-08-01T05:13:26","modified_gmt":"2022-08-01T04:13:26","slug":"h1-2022-fcmb-group-records-73-2-growth-in-profit","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/h1-2022-fcmb-group-records-73-2-growth-in-profit\/","title":{"rendered":"H1 2022:\u00a0FCMB Group Records 73.2% Growth In Profit"},"content":{"rendered":"

The FCMB Group Plc has reported impressive growth in earnings, revenue, deposits, loans and asset under management growth in its half year 2022, H1\u201922, financial results.<\/p>\n

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The Group recorded a profit before tax of N15.4 billion, a 73.2 percent year-on-year growth compared to N8.9 billion in 2021 and double-digit growth across its business segments: 84.2% in the Banking Group, 42.7% in Consumer Finance, 41.9% in Investment Management, and 253.8% in Investment Banking.<\/p>\n<\/div>\n

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Gross revenue was up 34 percent to N126.2 billion, as against N94.2 billion in H1, 2021.<\/p>\n<\/div>\n

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Commenting on the half-year financial results, the Group Chief Executive, Mr Ladi Balogun, said:\u00a0 \u201cWe continue to leverage our unique group structure to enable a technology-driven ecosystem of platforms, customers, partners, talents, and capital to contribute to the sustainable and inclusive growth of the communities we serve. We believe that despite the challenging domestic and global environment, FCMB Group is well positioned to sustain its performance trend in financial and non-financial metrics\u201d.<\/p>\n

In compliance with its commitment to safeguarding the environment, FCMB Group further reduced its carbon footprint by moving eight (8) branches of its retail and commercial banking subsidiary to Solar Power. Thus, taking the number of First City Monument Bank (FCMB) Limited branches running on renewable energy to 150 (73% of its branch network) \u2013 from grid\/diesel generators to solar power.<\/p>\n

In the period under review, the Bank disbursed over 442,000 loans, totalling N21.0 billion, to more than 171,000 persons via its digital channels in the first six months of 2022. It also gave loans to over 12,000 small businesses, totalling N93.4 billion disbursed through its digital channels in H1, 2022. FCMB\u2019s focus on financial inclusion and MSMEs has been further bolstered by a $17.3 million funding partnership with Mastercard Foundation to provide affordable loans to 100,000 MSMEs over the next five years with a focus on 90% participation by women.<\/p>

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In addition, it contributed to food security and import substitution in Nigeria by growing its lending to the agricultural sector from\u00a0 \u00a6 53.6 billion in H1 2021 to\u00a0 \u00a6 87.9 billion in H1 2022, a net disbursement of\u00a0 \u00a6 34.3 billion over the last year, which represents 16.5% of total loan growth over the period.<\/p>\n<\/div>\n

\nCustomer confidence in FCMB remained strong, as deposits rose by 22.3 percent to N1.6 trillion in June 2022, Year-on-Year (YoY), from N1.3 trillion achieved in June 2021. In addition, loans and advances disbursed by the financial institution to customers, including businesses, grew by 22.3 percent to N1.1 trillion from N916.7 billion. The Group\u2019s total assets also increased by 18.3 percent to N2.7 trillion in June 2022, as against N2.2 trillion within the same period last year.<\/p>\n

The Group\u2019s Assets Under Management (AUM) witnessed a surge of 47.3 percent to an impressive N736 billion from N500 billion. The acquisition of AIICO Pensions by FCMB Pensions Limited and the successful integration of both businesses drove FCMB Pension\u2019s AUM by 61.2 percent to N618.0 billion.<\/p>\n

FCMB Group Plc is a purpose beyond profit corporation committed to policies, practices, inputs and outputs that benefit all stakeholders by easing credit constraints to disadvantaged individuals and small businesses to increase income and reduce poverty.<\/p>\n","protected":false},"excerpt":{"rendered":"

The FCMB Group Plc has reported impressive growth in earnings, revenue, deposits, loans and asset under management growth in its half year 2022, H1\u201922, financial results.<\/p>\n","protected":false},"author":6,"featured_media":23852,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,17],"tags":[712],"coauthors":[2391],"class_list":["post-63237","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news","tag-fcmb"],"yoast_head":"\nH1 2022:\u00a0FCMB Group Records 73.2% Growth In Profit - National Wire<\/title>\n<meta name=\"description\" content=\"The FCMB Group Plc has reported impressive growth in earnings, revenue, deposits, loans and asset under management\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/h1-2022-fcmb-group-records-73-2-growth-in-profit\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"H1 2022:\u00a0FCMB Group Records 73.2% Growth In Profit - 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