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FCMB Group Plc has reported a strong financial performance for the first half of 2026, posting a profit before tax (PBT) of ₦157.3 billion, nearly double the ₦79.3 billion recorded during the same period in 2025, as higher net interest income and improved operating efficiency boosted earnings.
The Group’s unaudited financial results for the six months ended June 30, 2026 also showed that profit after tax rose 90 percent to ₦139.9 billion, while gross earnings climbed 27.8 percent to ₦676.2 billion, driven largely by growth in interest income and an expansion of earning assets.
A key driver of the performance was a 71.8 percent increase in net interest income, which rose to ₦356.3 billion during the period. The Group attributed the improvement to stronger lending margins, lower funding costs and a healthier mix of low-cost customer deposits. Consequently, its net interest margin improved to 11.2 percent, up from 9.1 percent in the corresponding period of 2025.
Customer confidence in the financial institution also strengthened during the review period. Customer deposits increased by 11.4 percent to ₦4.92 trillion, while the share of low-cost deposits expanded significantly, helping to reduce interest expenses despite growth in the balance sheet.
FCMB’s digital businesses which include payments, lending and wealth management continued to gain traction, generating ₦89.1 billion in revenue and accounting for 13.2 percent of the Group’s gross earnings. The performance reflects increasing adoption of the company’s digital financial services across its customer base.
The Group also recorded stronger contributions from its non-banking subsidiaries. Businesses outside commercial banking contributed 26 percent of total profit before tax, with earnings from those operations rising 185 percent to ₦40.7 billion, highlighting the benefits of FCMB’s diversified business model.
Despite the strong earnings, the Group accelerated efforts to clean up its loan portfolio during the period. Net impairment losses increased to ₦85.9 billion from ₦36.2 billion a year earlier, reflecting the write-off of approximately ₦63.4 billion in legacy loans. The exercise, however, helped reduce the banking subsidiary’s non-performing loan (NPL) ratio to 5.2 percent, bringing it closer to the Central Bank of Nigeria’s prudential benchmark.
Commenting on the results, FCMB Group Chief Executive, Ladi Balogun, said the first-half performance demonstrates the strength of the Group’s recapitalised and diversified operating model. He noted that expanding interest margins, disciplined cost management, stronger deposit mobilisation and improved contributions from non-banking businesses have enhanced the quality and sustainability of the Group’s earnings.
The latest performance follows the successful completion of the Group’s recapitalisation programme during the second quarter of the year, which strengthened shareholders’ funds and capital adequacy, positioning FCMB for future growth and increased lending capacity. Management said it remains focused on sustaining profitability while improving asset quality and delivering a return on equity of more than 25 percent for the full 2026 financial year.
