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FCMB Group Plc reported a pre-tax profit of N117.2 billion for the year ended December 31, 2024, in a financial report released on the Nigerian Exchange (NGX) on January 30, 2025.
This figure represents a 12.32% increase year-over-year from the N104.4 billion reported in 2023, amid a significant surge in interest and discount income.
Interest and discount income reached N621.5 billion, reflecting a robust 75.08% year-over-year growth from N354.9 billion in the previous year.
Additionally, the group’s gross earnings experienced an increase of 53.93% year-over-year, rising to N794.8 billion compared to N516.3 billion reported for the year 2023.
Key Highlights (2024 vs. 2023):
- Gross earnings: N794.8 billion, +53.93% YoY
- Interest and discount income: N621.5 billion, +75.08% YoY
- Interest expense: N396 billion, +122.02% YoY
- Net interest income: N225.4 billion, +27.66% YoY
- Net fee and commission income: N59.1 billion, +30.17% YoY
- Net trading income: N60.8 billion, +568.48% YoY
- Other income: N3.4 billion, +387.29% YoY
- Personnel expense: N79.3 billion, +60.05% YoY
- General and administrative expense: N86.7 billion, +36.08% YoY
- Pre-tax profit: N117.2 billion, +12.32% YoY
- Post-tax profit: N107.9 billion, +16.05% YoY
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Disclaimer
The user WaneInvestmentHouse holds no position in NGSE:FCMB. Simply Wall St has no position in any of the companies mentioned. The author of this narrative is not affiliated with, nor authorised by Simply Wall St as a sub-authorised representative. This narrative is general in nature and explores scenarios and estimates created by the author. The narrative does not reflect the opinions of Simply Wall St, and the views expressed are the opinion of the author alone, acting on their own behalf. These scenarios are not indicative of the company's future performance and are exploratory in the ideas they cover. The fair value estimates are estimations only, and does not constitute a recommendation to buy or sell any stock, and they do not take account of your objectives, or your financial situation. Note that the author's analysis may not factor in the latest price-sensitive company announcements or qualitative material.
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