FCMB Group Plc has reported a strong financial performance for the first half of 2026, with profit before tax almost doubling to ₦157.3 billion, up 99 per cent from ₦79.1 billion recorded during the same period in 2025. The impressive result extends the Group’s strong earnings momentum from the 2025 financial year. FCMB Group said the growth reflects the strength of its diversified business model and continued focus on sustainable profitability. The FCMB Group performance was driven by strong contributions across its business divisions.
According to the unaudited results released on the Nigerian Exchange Limited (NGX), all four business divisions recorded significant year-on-year profit growth. Consumer Finance led with 92 per cent, followed by the Banking Group at 80 per cent, Investment Banking at 76 per cent, and Investment Management at 50 per cent.
Gross earnings rose by 27.8 per cent to ₦676.2 billion, supported by a 31 per cent increase in interest income and a 22 per cent rise in earning assets from ₦4.90 trillion to ₦5.98 trillion. Annualised Earnings Per Share (EPS) also increased to ₦4.23, despite the larger share base following recapitalisation.
Commenting on the results, Group Chief Executive Ladi Balogun 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, covering Payments, Lending and Wealth, also maintained strong growth. Digital revenue increased to ₦89.1 billion from ₦73.6 billion a year earlier, accounting for 13.2 per cent of gross earnings.
Total assets grew by 9.5 per cent to ₦8.36 trillion, while loans and advances to customers rose 5.2 per cent to ₦2.49 trillion, supported by growth in retail, SME, consumer and foreign-currency lending.
Customer deposits climbed 11.4 per cent to ₦4.92 trillion, while the low-cost deposit mix improved to 74.9 per cent, helping reduce funding costs as interest expense declined by 2.7 per cent year-on-year.
The Group’s total equity increased by 40.3 per cent to ₦1.17 trillion, supported by retained earnings and a capital injection of about ₦227 billion during the second quarter of 2026. This lifted its Capital Adequacy Ratio to 23.5 per cent, strengthening its capacity for future growth.
Assets Under Management also rose 14.3 per cent to ₦1.95 trillion, driven by continued market share gains at FCMB Pensions and FCMB Asset Management. Meanwhile, the Group’s non-banking businesses contributed 26 per cent of total profit before tax, with profits surging 185 per cent to ₦40.7 billion, reinforcing FCMB Group’s strategy of diversifying earnings beyond traditional banking.
Do you think FCMB Group can sustain this strong earnings growth for the rest of 2026?
