FCMB Group Plc has announced its financial results for the first quarter of 2023, demonstrating the continued success of its digital banking initiatives across various business segments.
Digital banking initiatives have gained significant traction within FCMB Group, contributing to its overall performance. In the first quarter, digital revenues accounted for 12.0% of gross earnings, equivalent to N10.0 billion. This substantial growth highlights the Group’s commitment to leveraging digital solutions to enhance customer experiences and drive financial inclusion.
The impact of digitalisation was evident across FCMB Group’s various business lines. In terms of interest income, digital revenues accounted for 8.0% (₦5.2 billion), reflecting customers’ increasing adoption of digital banking services. Furthermore, digital initiatives contributed 6.4% (₦76.3 billion) of the loan book, showcasing the Group’s focus on digital lending solutions.
In addition, digital channels accounted for 7.0% (₦10.0 billion) of the Assets Under Management (AUM) in the Group’s Asset Management business, reflecting the strength of its digital investment platforms.
Commenting on the results, the Group Chief Executive, Mr Ladi Balogun, said: “We continue to leverage our unique group structure to build a technology-driven ecosystem that is fostering inclusive and sustainable growth in the communities we serve. This strategy enables us to deliver robust performance despite the challenging domestic and global environment. Barring unforeseen circumstances, we believe our growth trend will be sustained and accompanied by improving efficiencies arising from greater scale and ongoing digitisation.”
Remarkably, during the period under review, FCMB Group achieved a significant 50% increase in gross revenue. Gross revenue rose to N87.4 billion, compared to N58.3 billion in the corresponding period of the previous year. This growth was driven by a substantial 41.4% increase in interest income and an impressive 84.2% rise in non-interest income. These results highlight FCMB Group’s ability to generate significant revenue across its diverse business lines.
