FCMB Group Plc has reported a 99 per cent year-on-year increase in profit before tax for the first half of 2026, with earnings rising to ₦157.3bn from ₦79.1bn in the corresponding period of 2025, extending the strong performance recorded in the previous financial year.

The unaudited results released on the Nigerian Exchange showed profit growth across all four of the Group’s business divisions. Consumer Finance recorded a 92 per cent increase in profit before tax, the Banking Group grew by 80 per cent, Investment Banking by 76 per cent, while Investment Management posted a 50 per cent increase.

Gross earnings rose by 27.8 per cent to ₦676.2bn from ₦529.2bn in the first half of 2025, driven by a 31 per cent increase in interest income and a 22 per cent growth in earning assets, which expanded from ₦4.90tn to ₦5.98tn.

Annualised earnings per share increased to ₦4.23 in the first half of 2026 from ₦3.96 for the full-year 2025, despite the larger post-recapitalisation share base.

Commenting on the results, the Group Chief Executive, Ladi Balogun, said the performance reflected the strength of the company’s recapitalised and diversified business model.

“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,” he said.

Balogun added that expanding net interest margins, an improved low-cost deposit mix, disciplined cost management and stronger contributions from non-banking businesses had enhanced the quality and sustainability of the Group’s earnings.

“We remain firmly on track to deliver a Return on Equity of over 25 per cent for the 2026 financial year,” he added.

The Group’s digital businesses, comprising payments, lending and wealth management, also sustained their growth, with digital revenue rising to ₦89.1bn from ₦73.6bn a year earlier, accounting for 13.2 per cent of gross earnings.

Total assets increased by 9.5 per cent to ₦8.36tn at the end of June 2026 as the Group continued to optimise its balance sheet.

Loans and advances to customers rose by 5.2 per cent to ₦2.49tn, supported by growth in retail, SME and consumer lending, as well as foreign currency loans to corporate customers.

Customer deposits grew by 11.4 per cent to ₦4.92tn, while the proportion of low-cost deposits improved to 74.9 per cent, contributing to a 2.7 per cent decline in interest expenses.

Total shareholders’ equity rose by 40.3 per cent to ₦1.17tn, supported by retained earnings and an additional capital injection of about ₦227bn during the second quarter of 2026.

The capital raise lifted the Group’s Capital Adequacy Ratio to 23.5 per cent, providing additional capacity to support future growth.

Assets under management also increased by 14.3 per cent to ₦1.95tn, driven by continued growth in FCMB Pensions and FCMB Asset Management.

The Group said its non-banking businesses contributed 26 per cent of total profit before tax during the period, with combined earnings rising by 185 per cent year-on-year to ₦40.7bn, further strengthening the diversification of its revenue base beyond traditional banking operations.