FCMB Group Plc’s (NGX: FCMB) after-tax profit rose 137% year-on-year to ₦76.53 billion in the first quarter of 2026, driven by a doubling of net interest income and a one-off gain from the partial sale of its pension subsidiary.
According to a statement released on NGX, the Net interest income expanded to ₦168.35 billion from ₦87.50 billion in Q1 2025, as interest and discount income climbed to ₦286.14 billion while interest expense fell to ₦117.79 billion from ₦126.87 billion.
Net fee and commission income rose 30% to ₦24.47 billion.
Net trading income swung to a loss of ₦3.42 billion from a gain of ₦14.34 billion a year earlier, weighed down by bonds trading losses of ₦5.46 billion.
A ₦9.30 billion gain from the partial disposal of FCMB Pensions Limited, where the group reduced its stake to 82.54% in February 2026, helped offset the shortfall.
Pre-tax profit reached ₦86.99 billion. Total tax expenses came to ₦10.46 billion, including a minimum tax charge of ₦8.47 billion that surged from just ₦225 million in Q1 2025.
Basic earnings per share were ₦4.63, up from ₦3.25.
Net impairment losses rose to ₦12.31 billion from ₦9.52 billion, and personnel expenses increased to ₦27.59 billion from ₦22.75 billion.
Total assets grew to ₦7.96 trillion from ₦7.63 trillion at end-December 2025, with customer deposits expanding to ₦4.68 trillion.
The group raised ₦223.38 billion through a share issuance and injected ₦233.99 billion into its banking subsidiary, First City Monument Bank Limited, to secure an international banking licence under the Central Bank of Nigeria’s recapitalisation directive.
Administrator and Writer
