FCMB Group Plc has released its unaudited financial results for the year ended December 31, 2025, reporting a pre-tax profit of N200.91 billion, representing an 80% increase from N111.9 billion recorded in 2024.
The strong performance was driven by robust growth in interest income and improved net interest margins, reflecting both higher asset yields and better balance sheet optimisation. Gross earnings rose by 41.8% year-on-year to N1.13 trillion, underpinned by expansion in core lending and investment income.
Profit after tax climbed sharply to N176.91 billion, up 141.7% from N73.34 billion in the prior year, highlighting significant bottom-line acceleration despite higher impairment charges.
Key highlights (FY 2025 vs FY 2024)
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Gross earnings: N1.13 trillion (+41.8% YoY)
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Interest income: N1.00 trillion (+61.2% YoY)
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Interest expense: N499.23 billion (+26.0% YoY)
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Net interest income: N502.89 billion (+122% YoY)
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Fee and commission income: N95.97 billion (+29% YoY)
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Net impairment losses: N86.00 billion (+108.7% YoY)
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Operating profit: N200.15 billion (+78.7% YoY)
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Profit before tax: N200.91 billion (+80% YoY)
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Earnings per share (EPS): N3.96 (+60% YoY)
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Total assets: N7.54 trillion (+6.9% YoY)
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Loans and advances: N2.29 trillion (-2.8% YoY)
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Customer deposits: N4.40 trillion (+2.5% YoY)
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Equity: N823.42 billion (+19.5% YoY)
What the numbers are saying
FCMB’s revenue growth was largely driven by a sharp increase in interest income, which rose by 61.2% to N1.00 trillion and accounted for nearly 89% of gross earnings. This reflects both higher loan yields and improved pricing on earning assets in a high interest rate environment.
Loans and advances to customers were the largest contributor to interest income, accounting for about 61% of total interest income, followed by investment securities at roughly 25%. This mix shows that core lending remains the dominant earnings engine, supported by treasury and investment activities.
Net interest income more than doubled to N502.89 billion, growing faster than interest income due to relatively controlled growth in funding costs. Interest expenses increased by 26% to N499.23 billion, driven mainly by higher customer deposit costs and borrowings. However, the spread expansion suggests the Group was able to reprice assets more aggressively than liabilities.
Impairment charges were a notable drag on performance. Net impairment losses surged by 108.7% to N86 billion, consuming about 17% of net interest income. This points to a more cautious risk posture and higher provisioning in response to credit quality concerns and macroeconomic pressures.
On the non-interest income side, fee and commission income grew by 29% to N95.97 billion, reflecting stronger transactional activity and advisory services. Net trading income contributed N39.21 billion but declined by 27.3% year-on-year, indicating softer gains from trading activities compared to the prior year.
Balance sheet and capital position
FCMB’s total assets expanded by 6.9% to N7.54 trillion, reflecting moderate balance sheet growth. Customer deposits rose by 2.5% to N4.40 trillion, providing a stable funding base and accounting for over 58% of total assets.
Equity increased by 19.5% to N823.42 billion, significantly strengthening the Group’s capital base and improving its capacity to absorb losses and support future growth initiatives.
However, loans and advances to customers declined by 2.8% year-on-year, suggesting a more conservative lending stance or tighter credit conditions, even as interest income from loans increased due to higher yields.
What to know
FCMB’s 2025 performance highlights strong earnings momentum, driven primarily by interest income expansion and improved net interest margins. The Group also exceeded its profit guidance, with profit after tax of N176.91 billion surpassing its earlier full-year forecast of about N171.5 billion.
From a market perspective, FCMB’s share price closed 2025 at N12.09, reflecting a 28% gain for the year. However, at around N11.05 currently, the stock is down about 3.7% year-to-date in 2026.
With a market capitalisation of about N496 billion, FCMB is still trading below its net asset value of N823.42 billion, suggesting potential valuation upside if earnings momentum is sustained and asset quality concerns remain contained.
Overall, the results position FCMB as one of the stronger performers in Nigeria’s banking sector for 2025, with solid profitability growth, improved capital strength, and expanding core income, albeit with rising credit risk costs to watch going into 2026.
Emmanuel Bassey is a Financial Expert that has worked in the Banking and Finance Industry for over 15+ years across different banks in Nigeria
