H1 2026: FCMB Group sustains performance, Reports 99% growth in profit before tax to ₦157.3 billion

FCMB Group Plc (NGX: FCMB) has announced its unaudited financial results for the half-year ended June 30, 2026, reporting a 99% year-on-year increase in profit before tax to ₦157.3 billion from ₦79.1 billion in the corresponding period of 2025, extending the strong earnings momentum recorded in the 2025 financial year.

Highlights of the six-month results released on the Nigerian Exchange Limited (NGX) showed year-on-year profit before tax growth across all four divisions of the Group: Consumer Finance (92%), Banking Group (80%), Investment Banking (76%), and Investment Management (50%).

Gross earnings grew by 27.8% to ₦676.2 billion for the first half of 2026, from ₦529.2 billion in the first half of 2025, driven by a 31.0% growth in interest income and a 22% growth in earning assets, from ₦4.90 trillion to ₦5.98 trillion. Annualised Earnings Per Share (EPS) increased to ₦4.23 in the first half of 2026 from ₦3.96 for the full year 2025, despite a larger post-recapitalisation share base, demonstrating the Group’s enhanced earnings-generating capacity.

Commenting on the results, Ladi Balogun, Group Chief Executive of FCMB Group, said:
“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.”

The Group’s digital business — comprising Payments, Lending and Wealth — sustained its growth trajectory, with digital revenue rising to ₦89.1 billion for the first half of 2026 from ₦73.6 billion in the first half of 2025, contributing 13.2% of gross earnings, as volumes continued to grow across lending, payments, and wealth.

Total assets increased by 9.5% to ₦8.36 trillion at June 2026, as the Group continued to prioritise balance-sheet efficiency and optimisation. 
Loans and advances to customers grew by 5.2% to ₦2.49 trillion, supported by continued growth in higher-return retail, SME and consumer lending, and foreign currency loans to corporate clients.

Customer deposits grew by 11.4% to ₦4.92 trillion at June 2026, while the low-cost deposit mix improved further to 74.9%, leading to a decline in cost of funds year-on-year, with interest expense declining by 2.7% year-on-year.

Total equity grew by 40.3% to ₦1.17 trillion, supported by growth in retained earnings and approximately ₦227 billion additional capital injection during the second quarter of 2026, leading to a Capital Adequacy Ratio of 23.5% for the first half of 2026 and providing a sound capital buffer for growth.

FCMB Group’s Assets Under Management grew by 14.3% to ₦1.95 trillion at June 2026, supported by continued 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 increasing by 185% year-on-year to ₦40.7 billion, reinforcing the diversification of the Group’s earnings beyond banking.

FCMB Group Plc is a financial services group, headquartered in Lagos, Nigeria, with operating companies divided along four business groups – The Banking Group (First City Monument Bank Limited (‘The Bank’), FCMB (UK) Limited and FCMB Microfinance Bank Limited); Consumer Finance (Credit Direct Limited); Investment Banking (FCMB Capital Markets Limited and CSL Stockbrokers Limited) and Investment Management (FCMB Pensions Limited, FCMB Asset Management Limited and FCMB Trustees Limited). Listed on the Nigerian Stock Exchange (NSE) with the ticker symbol (FCMB), FCMB Group Plc has 65,954,593,274 ordinary shares held by over 620,000 shareholders.

First City Monument Bank Limited, the flagship company, has about 15 million customers and 205 branches in Nigeria and a banking subsidiary in the United Kingdom through FCMB Bank (UK) Limited (which is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA in the United Kingdom).