Ladi Balogun leads FCMB to $157 million gross earnings in Q1 2025

Key Points

• FCMB Group’s Q1 2025 gross earnings rose 41% to $157 million, driven by higher interest income, fees, and net trading gains.
• Profit after tax climbed to $21.8 million, reflecting FCMB’s resilience and strong performance under Group CEO Ladi Balogun.
• Total assets increased to $4.61 billion, while FCMB’s oversubscribed public offer raised $95.2 million, signaling strong investor confidence.

FCMB Group, a leading financial services holding company led by Nigerian banking executive Ladi Balogun, reported strong financial results for the first quarter of 2025, with gross earnings rising to $157 million, reaffirming its position as one of Nigeria’s top financial institutions.

FCMB earnings jump 41% in Q1

In its latest financial report, FCMB Group revealed that its gross earnings for the first quarter of 2025 grew by 41 percent, up from N179.1 billion ($111.4 million) in Q1 2024 to N252.7 billion ($157.2 million). This impressive growth was driven by an increase in interest income, higher fee and commission income, and net trading gains, which totaled N14.34 billion ($8.9 million).

Interest income surged from N125.4 billion ($78.1 million) in Q1 2024 to N214.4 billion ($133.5 million) in the first quarter of 2025. Fee and commission income also rose, from N16.94 billion ($10.5 million) to N24.29 billion ($15.1 million), while net trading income increased from N9.5 billion ($5.9 million) to N13.34 billion ($8.3 million).

These gains contributed to a rise in profit after tax, which grew from N31.34 billion ($19.5 million) in Q1 2024 to N35.02 billion ($21.8 million) in Q1 2025.

FCMB sees strong investor confidence

Founded in 1982 by Nigerian business magnate Otunba Subomi Balogun, FCMB has become one of the country’s most prominent financial institutions. Under the leadership of Group CEO Ladi Balogun, the bank has expanded its range of services to cater to individuals, businesses, and institutional clients. Today, FCMB offers a full suite of financial services, including banking, asset management, wealth management, and capital markets services.

Under Balogun, FCMB has focused on sustainable growth and strengthening its revenue base, allowing the bank to thrive despite the challenging economic landscape. The recent financial results highlight the bank’s resilience and its ability to deliver value to shareholders. As part of its growth strategy, FCMB successfully completed an oversubscribed public offer, raising N147.5 billion ($95.2 million), 33 percent more than its target, underscoring strong investor confidence in the company’s direction.

FCMB assets, equity rise in Q1

FCMB’s financial standing has also improved, with total assets rising from N7.05 trillion ($4.39 billion) at the end of December 2024 to N7.4 trillion ($4.61 billion) by the end of March 2025. Shareholders’ equity increased from N688.98 billion ($430 million) to N730.9 billion ($455.1 million), and retained earnings grew from N188.8 billion ($117.6 million) to N220.5 billion ($137.3 million), marking another successful quarter for the bank.