FCMB Group Plc reported a stellar performance in 2023, with a staggering 186% year-on-year increase in profit before tax, reaching ₦104.4 billion. This impressive growth was driven by strong gains across all business segments, including banking, consumer finance, investment management, and investment banking.
The Group’s commitment to financial inclusion and sustainability was also evident. They facilitated over $700 million in export flows into Nigeria and supported over 300,000 smallholder farmers, with a particular focus on empowering women in agriculture. Additionally, FCMB switched a significant portion of its branches to solar power and secured funding for on-lending to customers seeking renewable energy solutions.
Customer base expansion was another highlight, with a 15.6% increase to 12.5 million. The Group’s mobile app usage surged by 31%, and its agency banking network grew to over 164,000 agents. Leveraging this expanded reach and technology like AI-powered loan processing, FCMB successfully disbursed over 1.5 million loans totaling N293.1 billion.
“We leverage our unique structure to build a technology-driven ecosystem that fosters inclusive and sustainable growth,” stated FCMB Group CEO, Mr. Ladi Balogun. “This strategy is enabling us to deliver robust performance despite challenging circumstances.”
