First City Monument Bank recorded a Profit Before Tax (PBT) of N111.9 billion for the financial year ending December 31, 2024.
The mileage recorded by the bank was confirmed in a corporate statement it released through the Nigerian Exchange Limited.
The statement revealed that PBT grew by 71 percent, impacted by a 56.6 percent decline in revaluation income and a 1.9 percent fall in Net Interest Margin.
The Group’s gross revenue stood at N794.4 billion for the period ending December 2023, marking a 53.9 percent increase from N516.4 billion in the previous year.
This growth was driven by a 75.2 percent rise in interest income and an 8.7 percent increase in non-interest income.
Non-interest income growth was constrained by a 55.7 percent year-on-year drop in other gains from N89.3 billion to N39.6 billion.
Net interest income rose by 27.6 percent, from N176.6 billion in the prior year to N225.3 billion by December 2024.
Yield on earning assets improved to 16.2 percent.
However, Net Interest Margin declined by 1.9 percent due to a 122 percent rise in funding costs.
Operating expenses increased by 45.7 percent year-on-year to N229.1 billion, driven by higher personnel costs, regulatory costs, foreign currency-linked expenses, and inflationary pressures.
The cost-to-income ratio closed at 59.9 percent for the period ending December 2024.
Net impairment loss on financial assets declined by 30.7 percent year-on-year to N41.2 billion, down from N59.5 billion, lowering the cost of risk to 1.8 percent from 3 percent.
The Group’s divisions recorded year-on-year growth, with consumer finance rising by 83.5 percent and investment management by 27.9 percent, while the banking group declined by 7.7 percent.
Group earnings remained diversified, with non-bank subsidiaries accounting for over 30 percent of profits.
Loans and advances increased by 28 percent year-on-year from N1.84 trillion to N2.36 trillion at the end of December 2024.
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Total assets grew by 59.5 percent year-on-year, from N4.42 trillion to N7.05 trillion at the end of December 2024.
Customer deposits rose by 39.4 percent year-on-year, reaching N4.30 trillion from N3.08 trillion by December 2024.
On recapitalisation, the statement said: “In line with the CBN’s directive, the Group focused on strengthening the banking franchise and building a more resilient balance sheet in 2024.
“We completed the first phase of our capital-raising programme, securing N144.6 billion through a public offer. This doubled issued shares from 19.8 billion in 2023 to 39.6 billion in 2024, impacting EPS.
“Subsequent phases of FCMB Group’s capital programme are in progress to ensure First City Monument Bank Limited meets the minimum capital requirement to retain its International Banking License.
“The capital injection has enabled First City Monument Bank Limited to secure its National Banking License and raise its capital adequacy ratio to 18 per cent.
“This has created essential buffers to support asset creation in select segments.”
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