FCMB Group Plc has reported a 99 per cent increase in profit before tax (PBT) for the first half of 2026, posting earnings of N157.3 billion as stronger lending, improved funding mix and growing digital revenues combined to deliver one of the group’s strongest half-year performances on record.
The unaudited results released on Monday by the financial services group showed that profit before tax rose from N79.1 billion in the corresponding period of 2025 to N157.3 billion, while profit after tax climbed 90 per cent to N139.9 billion from N73.4 billion a year earlier.
Gross earnings also increased by 27.8 per cent to N676.2 billion, driven largely by a 31 per cent growth in interest income as earning assets expanded from N4.90 trillion to N5.98 trillion.
The group’s net interest income surged by 71.8 per cent to N356.3 billion, helped by a 2.7 per cent decline in interest expenses as the bank improved its low-cost deposit mix and reduced funding costs. Consequently, its net interest margin improved to 11.2 per cent from 9.1 per cent recorded in the same period last year.
Digital banking also continued to drive growth across the group.
According to the results, revenue from its digital businesses—including payments, lending and wealth management—increased to N89.1 billion from N73.6 billion in the corresponding period of 2025, accounting for 13.2 per cent of gross earnings.
Despite inflationary pressures, operating expenses grew by only 12.3 per cent to N172 billion, enabling the group’s cost-to-income ratio to improve significantly to 41.4 per cent from 57 per cent a year earlier.
Commenting on the performance, Group Chief Executive Officer, Ladi Balogun, said the results reflected the resilience of the group’s diversified business model.
“Our first-half performance demonstrates the strength of our recapitalised and diversified business model. We delivered record profitability despite accelerating the normalisation of asset quality towards regulatory thresholds, reflecting our commitment to building a stronger balance sheet for long-term growth.”
He added that expanding net interest margins, a stronger low-cost deposit base, disciplined cost management and growing contributions from the group’s non-banking businesses were improving the quality and sustainability of earnings.
“We remain firmly on track to deliver a Return on Equity (RoE) of over 25% for the 2026 financial year,” Balogun said.
The balance sheet also strengthened during the period.
Total assets rose by 9.5 per cent to N8.36 trillion, while customer deposits increased by 11.4 per cent to N4.92 trillion. The group’s total equity expanded by 40.3 per cent to N1.17 trillion following retained earnings growth and a capital injection of about N227 billion during the second quarter, lifting its capital adequacy ratio to 23.5 per cent.
Loans and advances grew to N2.49 trillion, supported by increased lending to retail customers, small businesses and corporate clients, while assets under management climbed 14.3 per cent to N1.95 trillion.
