FCMB Group Plc reported a 90.5 percent increase in profit after tax to N139.86 billion for the six months ended June 30, 2026.
The financial services group posted earnings well above the N73.42 billion recorded in the corresponding period of 2025, while total comprehensive income rose to N132.97 billion from N80.33 billion.
Gross earnings increased by 27.8 percent to N676.18 billion, compared with N529.20 billion a year earlier, indicating stronger income generation across the Group’s banking operations.
Interest and discount income climbed 31 percent to N600.52 billion from N458.41 billion, supported by higher yields on earning assets and continued loan growth.
Interest expense declined by 2.7 percent to N244.17 billion from N251.00 billion, allowing net interest income to surge 71.8 percent to N356.35 billion, up from N207.41 billion in the first half of 2025.
Net fee and commission income also strengthened, rising 32.1 percent to N50.06 billion from N37.91 billion as fee income outpaced commission expenses.
However, net trading income fell sharply to N7.60 billion from N22.19 billion, while the Group recorded other losses of N8.92 billion, compared with a gain of N696.32 million in the corresponding period.
Other income increased significantly to N10.05 billion from N512.91 million, partially offsetting the decline in trading-related earnings.
Operating expenses remained elevated during the period.
Personnel expenses rose 17.5 percent to N56.77 billion, while general and administrative expenses increased 15.2 percent to N65.89 billion. Depreciation and amortisation expenses also climbed to N9.96 billion from N8.09 billion.
A notable feature of the results was the sharp increase in impairment charges.
Net impairment losses on financial instruments more than doubled to N85.93 billion, compared with N36.22 billion in the first half of 2025.
Despite these headwinds, operating profit nearly doubled to N157.16 billion, up from N79.34 billion recorded a year earlier.
Profit before tax rose 98.8 percent to N157.30 billion, compared with N79.12 billion in the corresponding period of 2025.
Following a tax charge of N16.99 billion and a minimum tax payment of N450 million, profit after tax settled at N139.86 billion, representing one of the Group’s strongest half-year performances.
Basic earnings per share improved to N4.23, compared with N3.70 recorded in the same period last year.
The results demonstrate FCMB Group’s ability to generate stronger core earnings despite increased credit loss provisions and higher operating costs.
The significant expansion in net interest income underscores the positive impact of the higher interest rate environment on the Group’s lending business, while continued growth in fee-based income provided additional support to earnings.
Going forward, investors are expected to monitor whether FCMB can sustain its earnings momentum as impairment costs remain elevated and the operating environment continues to evolve.
The Group’s ability to maintain asset quality while growing interest income will remain a key determinant of future profitability.