FCMB Reveals N36.6 Billion Profit

FCMB Group Plc has released its financial report for the year ended December 31, 2022, reporting a profit before tax of N36.6 billion, which indicates a 61 per cent increase when compared to what was recorded in the previous year.

The group also reported a 35 per cent increase in revenue from N212 billion in 2021 to N283 billion.

During the period under review, the company's net income grew by 34.2 per cent to N122.0 billion, compared to the N90.9 billion that was recorded in 2021.

For the 2022 financial year, the company also recorded 18.4 per cent growth in customer base to 10.9 billion as it acquired an additional 1.7 million customers in the period.

In digital retail lending, FCMB and Credit Direct Limited, subsidiaries of the Group, underwrote and disbursed over 962,000 loans, totalling N42.1 billion, during the period, which indicates a growth of 17.1 per cent and 24.9 per cent, respectively, from what was recorded in the previous year.