FCMB Group net impairment loss on financial assets grew by 180% quarter on quarter to N36.2 billion for the Half Year (H1) period ended June 2025 as its Nigerian Banking subsidiary exited the CBN loan forbearance.
However, revenue growth helped to cushion the blow from impairment loss.
FCMB Gross revenue rose 41.3% to N529.2 billion for the H1 period, from N374.5 billion in the same period of the prior year, driven by a 70.3% growth in interest income.
Non-interest income declined by 35.1%, driven by a N36.6 billion Year-on-Year decline in currency revaluation gains.
The financial services Group profit after tax rose 23% to N73.42 billion in H1, 2025.
Following the successful capital raise of N144.6 billion in 2024 through a public offer, FCMB Group said the Central Bank of Nigeria (CBN) has concluded the capital verification process for the second phase of the public offer — a mandatory convertible note of approximately ₦22.5 billion which is expected to lead to an increase in issued shares c.42.8 billion.
Subsequent phases of FCMB Group’s capital program, which are currently underway, are aimed at ensuring First City Monument Bank Limited meets the minimum capital requirement to retain its International Banking License.
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