FCMB reports N157.3 billion pre-tax profit in H1 2026 as net interest income rises
FCMB Group has released its H1 2026 results, reporting a pre-tax profit of N157.300 billion for the six months ended June 30, 2026.
FCMB Group has released its H1 2026 results, reporting a pre-tax profit of N157.300 billion for the six months ended June 30, 2026.
This represents 98.80% YoY increase from N79.123 billion in the corresponding period of 2025.
For the second quarter of 2026, pre-tax profit stood at N70.313 billion, representing a decline of 19.17% from the derived first-quarter pre-tax profit of N86.987 billion, but an increase of 59.43% from N44.103 billion in Q2 2025.
Speaking on the 1H 2026 results, Ladi Balogun, the Group Chief Executive Officer, commented that:
FCMB’s earnings growth was driven primarily by a significant expansion in net interest income.
On the funding side, interest expense on customer deposits increased to N145.182 billion from N128.026 billion and accounted for about 59.46% of total interest expense.
Account maintenance fees contributed N10.516 billion, asset management fees generated ₦6.669 billion, and electronic fees and commissions contributed N5.892 billion.
The main pressure on profitability came from impairment charges.
Net impairment losses on financial instruments rose by 137.24% to N85.932 billion, compared with N36.221 billion in H1 2025.
Operating costs increased more moderately than income.
Personnel, depreciation and amortisation, general and administrative, and other operating expenses collectively increased by about 12.34% to N172.050 billion.
Other operating expenses were broadly stable at N39.424 billion, compared with N39.556 billion a year earlier.
AMCON levy remained the largest component at N21.703 billion, followed by NDIC insurance premium of N10.331 billion.
On the balance sheet, total assets increased by 9.53% to N8.358 trillion.
Cash and cash equivalents rose by 19.00% to N1.546 trillion, while total equity increased to N1.175 trillion from N836.411 billion at the end of 2025.
The stock was down 0.41% year-to-date but up 15.94% month-to-date in July, compared with its closing price of N10.35 at the end of June 2026.
