FCMB reports a 9M 2025 profit of N134.5 billion as gross earnings rise

FCMB has reported a profit before tax of N134.497 billion for the nine months ended 30 September 2025, representing a 46.2% increase from the N91.83 billion posted in the same period last year.

For Q3 alone, the Group’s unaudited financial statement filed with the Nigerian Exchange (NGX) revealed that pre-tax profit grew by 100.47% to N55.37 billion, compared to N27.62 billion in Q3 2024.

On the revenue front, FCMB reported a significant 40.89% growth in gross earnings, which totaled N828.128 billion in 9M 2025, up from N587.773 billion in the same period of 2024.

Key Highlights (9M 2025 vs. 9M 2024) 

• Gross Earnings: N828.13 billion (+40.96% YoY)
• Interest Income: N734.12 billion (+64.68%)
• Net Interest Income: N350.83 billion (+101.86% YoY)
• Net Fees and Commission Income: N56.191 billion (+35.54% YoY)
• Net Trading gain: N37.255 billion (-25.26% YoY)
• Net impairment loss on financial assets: N57.122 billion (+28.56%)
• Profit Before Income Tax: N134.5 billion (+46.2% YoY)
• Profit After Tax: N125.45 billion (+52.26% YoY)
• Total Assets: N7.23 trillion (+2.52% YoY)
• Customer Deposits: N4.396 trillion (+2.31%)
• Loans and Advances to Customers: N2.29 trillion (-2.90%)

Cursory analysis of the key drivers 

FCMB’s profit growth for the nine months ended September 30, 2025, was largely driven by a significant increase in interest income, which grew by 64% to N734.11 billion, compared to N445.79 billion in the same period in 2024.

This increase was primarily attributed to:

• A 46% growth in interest income from loans and advances to customers to N464 billion, accounting for 63% of total interest income.
• This growth occurred despite a 3% decrease in loans and advances to customers, which declined to N2.29 trillion.

On the expense side, interest expenses rose by 41%, reaching N383.28 billion for the period. This increase was mainly due to higher costs associated with customer deposits, which grew by 19% YoY to N255.6 billion, accounting for 67% of total interest expenses.

FCMB increased its deposit base by N99.27 billion to N4.4 trillion.

Despite the rise in interest expenses, FCMB managed to maintain a strong net interest income. The net interest income for the nine months ended September 30, 2025, stood at N350.83 billion, reflecting a solid 102% YoY growth.

After accounting for impairment charges of N57.12 billion, net interest income after impairment reached N293.71 billion, an increase of 127% from the previous year’s N129.37 billion.

Non-interest income 

FCMB recorded N108.01 billion in non-interest income, marking a 6.21% YoY increase and accounting for 13% of gross earnings. This was driven by:

• Strong growth in fee and commission income, mainly from service fees and commissions (N28 billion) and account maintenance charges (N13.99 billion).
• From the trading income, although treasury bills income more than doubled to N10.6 billion, the decline in foreign exchange trading income and FGN bonds trading income contributed to a 25% drop in net trading income, which amounted to N37.26 billion.

Balance sheet 

FCMB’s total assets grew by 2.52% to N7.23 trillion, contributed by:

• Customer deposits which make up about 61% of total assets.
• Loans and advances, representing 32% of total assets.
• Investment in securities contributing 21% of total assets, and 34% of customer deposits.
• Cash and cash equivalents accounting for 22% of total assets.

On shareholders’ funds, FCMB saw a rise of N116.95 billion in nine months, driven by a N22.73 billion increase in its share premium and share capital account, bringing the total to N288.96 billion.

Additionally, retained earnings increased by N103.47 billion, accounting for over 36% of shareholders’ funds.

Market performance 

Following the release of its results on December 5, 2025, FCMB’s share price increased by about 4% intraday, closing at N10.90.

FCMB began the year with a share price of N9.40 and has since gained 16% on that price valuation.