With a multi-stage recapitalisation as well as a healthy balance sheet, First City Monument Bank (FCMB) Group is working assiduously hard to meet the Central Bank of Nigeria’s (CBN) updated capitalisation requirements.
To meet the CBN’s N500 billion requirement for an international banking license, the Bank commenced a public Offer for Subscription of 16 billion ordinary shares at ₦10.00 each, targeting N160 billion.
It is interesting to note that the lender’s shareholders had approved N400 billion in new capital as at December 2025 as it seeks to bolster its capital and strengthen investors’ confidence.
The first phase of the public offer was oversubscribed by an impressive 33 percent as it attracted 42,800 investors, 92 percent of whom subscribed through the digital channel.
CBN has said that bank recapitalisation aims to underpin Nigeria’s financial system, global competitiveness, make lenders resistant to macroeconomic shocks, and support the government’s $1 trillion economy ambitions.
Financial Overview for nine months 2025
For the first nine months through September 2025, FCMB Group’s gross revenue increased by 40.90 percent to N828.1 billion from N587.7 billion for the same period prior year, driven by a 64.7 percent growth in interest income.
Non-interest income declined by 33.8 percent, driven by a N54.6 billion Year-on-Year decline in currency revaluation gains.
The Bank’s digital business comprising Lending, Payments, and Wealth continued to record strong growth across revenue lines, transaction volumes and transaction value with digital now contributing 13.7 percent to gross earnings.
Net interest income grew by 101.9 percent from N173.8 billion in the prior year, to N350.8 billion at the end of September 2025. The yield on earning assets improved to 21.1 percent, resulting in a growth in Net Interest Margin to 10.1 percent for the nine months (9M) 2025 from 6.3 percent as at full-year (FY) 2024.
The Bank’s profit before tax (PBT) and profit after tax (PAT) grew by 46 percent and 52 percent year-on-year to N134.5 billion and N125.4 billion respectively leading to a strong uplift in return on average equity (RoAE) from 12.7 percent to 22.4 percent and earnings per share (EPS) from N2.46 to N3.91 from FY 2024 to 9M 2025.
Total assets increased by 2.5 percent to N7.23 trillion at the end of September 2025 from N7.05 trillion at the end of December 2024.
Loans and advances declined by 2.9 percent to N2.29 trillion at the end of September 2025 from N2.36 trillion at the end of December 2024, impacted by currency revaluation, loan write-offs and concentrated paydowns. Non-performing Loans (NPLs) closed at 5.2 percent and Capital Adequacy at 17.8 Percent.
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