FCMB attracts 500,000 customers in first quarter of 2023

FCMB Group Plc has said that in the first quarter of 2023,  it gained 500,000 new customers which pushed its customer base to 11.4 million. 

This growth, it said, reflected the Group’s commitment to delivering exceptional financial services and its ability to attract and retain a large and loyal customer base.

In a statement on its website, it disclosed its financial results for the first quarter of 2023. The results showed the continued success of its digital banking initiatives across various business segments.

The statement said, “Digital banking initiatives have gained significant traction within FCMB Group, contributing to its overall performance. In the first quarter, digital revenues accounted for 12.0 per cent of gross earnings, equivalent to N10.0bn.

“This substantial growth highlights the Group’s commitment to leveraging digital solutions to enhance customer experiences and drive financial inclusion.”

It said the impact of digitalisation was evident across FCMB Group’s various business lines.

In terms of interest income, it said, digital revenues accounted for 8.0 per cent (N5.2bn), reflecting customers’ increasing adoption of digital banking services

Digital initiatives contributed 6.4 per cent (N76.3bn) of the loan book, showcasing the Group’s focus on digital lending solutions.

In addition, digital channels accounted for 7.0 per cent (N10.0bn) of the assets under management in the Group’s asset management business, reflecting the strength of its digital investment platforms.

Commenting on the results, the Group Chief Executive, Mr Ladi Balogun, said, “We continue to leverage our unique group structure to build a technology-driven ecosystem that is fostering inclusive and sustainable growth in the communities we serve.

“This strategy enables us to deliver robust performance despite the challenging domestic and global environment. Barring unforeseen circumstances, we believe our growth trend will be sustained and accompanied by improving efficiencies arising from greater scale and ongoing digitisation.”

During the period under review, FCMB Group achieved a 50 percent increase in gross revenue. Gross revenue rose to N87.4bn, compared to N58.3bn in the corresponding period of the previous year.

This growth was driven by a substantial 41.4 per cent increase in interest income and 84.2 per cent rise in non-interest income.

These results highlighted FCMB Group’s ability to generate significant revenue across its diverse business lines, it stated.

FCMB Group witnessed a 25.1 per cent year-on-year increase in total assets, reaching N3.1tn at the end of the first quarter of 2023.