Double-digit growth was recorded across all business
segments, with the banking group growing by 71.7%, while the consumer finance,
investment management, and investment banking segments grew by 25.6%, 45.7%,
and 26.7%, respectively.
The company, which proposed a dividend of 25k per share, also delivered impressive environmental, social and governance results in climate action, financial inclusion, food security, community initiatives, customer acquisition, and digital transformation.
It switched 12 additional branches
to solar power in 2022, removing 75% of its branch network from grid/diesel
generators, and provided micro-loans totalling N13 billion to 120,000 MSMEs.
The agency banking arm extended its partnership to 100,000, acquiring over
211,000 customers. Working alongside partners, FCMB supported 280,000
smallholder farmers, created over 600,000 jobs, and helped deliver Africa’s
first cassava-based Sorbitol Factory.
The FCMB Group’s impressive financial results also showed a
35.5% growth in gross revenue to N283 billion from N212 billion the previous
year. It was driven by a 35.5% growth in interest income and a 26.9% growth in
non-interest income. Customer confidence remained strong as deposits rose 25.1%
to N1.94 trillion in December 2022 from N1.55 trillion the previous year, while
loans and advances witnessed a 12.4% surge to N1.20 trillion as against N1.06
trillion in 2021. The Group’s total assets increased by 19.6% from N2.50
trillion to N2.98 trillion in December 2022.
Investment Banking (advisory and primary debt and equity
capital markets) transaction value consummated by the Group rose to N857.1
billion in 2022, compared to N582.9 billion in 2021. This delivered a 47%
growth in fees from capital raise and financial advisory services over the
period. The financial service Group’s Assets Under Management (AUM) also
sustained its growth trajectory rising to N783.7 billion in 2022, up by 49.0%
from N525.7 the prior year.
Net interest income grew 34.2% to N122.0 billion for the
first twelve months of 2022, compared to N90.9 billion in 2021. This was driven
by a growth in the yield on earning assets from 11.0% to 12.7%, which increased
Net Interest Margin (NIM) from 6.2% to 7.0%.
The overall customer base of FCMB Group grew by 18.4% to
10.9 million, as it acquired an additional 1.7 million customers in the period,
including 250,000 customers from Pension Fund Administrator (PFA acquisition),
compared to 900,000 in 2021.
This Group’s digital transformation drive witnessed enhanced
performance across all business segments. Digital Payments, Wealth, and Lending
continued to empower more customers, resulting in a 42.0% growth in digital
revenues from N26.1 billion in 2021 to N37.1 billion in 2022. Thus, digital
revenues accounted for 13% of gross earnings from the 12% contribution in 2021.
In digital retail lending, First City Monument Bank and
Credit Direct Limited, subsidiaries of the Group, underwrote and disbursed over
962,000 loans, totalling N42.1 billion, as at December 31, 2022, a growth of
17.1% and 24.9%, respectively, from the prior year. Through the Bank’s digital
SME lending channels, over 21,000 loans, totalling N165.2 billion, were
accessed, underwritten, and disbursed, a growth of 1.9% and 43.7%,
respectively.
FCMB Group is a financial services holding company listed on
the Nigerian Exchange Group (NGX) and headquartered in Lagos. The Group has
strategic interests in companies that collectively serve over 10 million
customers across five platforms: banking, consumer finance, investment
management, investment banking and financial technology. The Group and its
subsidiaries are building and driving an ecosystem that fosters inclusive and
sustainable growth in their communities, primarily in Africa, its diaspora, and
the United Kingdom.