Prime Business Africa
The gross earnings of First City Monument Bank (FCMB) Group Plc increased by 26.72 percent to N320,21 billion in the first quarter (Q1) of 2026, surpassing the N252.69 billion generated in the same period in 2025.
Analysis of the company’s interim unaudited financial statements for the period ended March 31, 2026, showed that the financial institution also saw a double-digit growth in its interest and discount income.
The revenue segment surged to N286.13 billion in the first three months of this year, exceeding the N214.36 billion recorded in Q1 2025, representing a 33.48 percent increase.
Join our WhatsApp ChannelWhile interest income took an upward path, interest expense took the opposite direction, falling by 7.15 percent to N117.78 billion in the first quarter of 2026, below the N126.86 billion incurred in the corresponding period last year.
This supported FCMB’s net interest income, which grew by 92.40 percent to N168.34 billion during the period under review, compared to the N87.49 billion recorded between January and March 2025.
Also, fee and commission income contributed N27.87 billion to the financial institution’s earnings in Q1 2026, exceeding the N24.29 billion accounted for in Q1 2025, indicating a 14.73 percent growth.
The company strengthened its financial position with a 38.31 percent decline in fee and commission expense, which dropped to N3.4 billion in the first quarter of last year, against the N5.51 billion reported in Q1 2025.
As a result, FCMB recorded a 30.31 percent growth in its net fee and commission income, after posting N24.47 billion in the first three months of this year, surpassing the N18.77 billion filed in the same period in Q1 the year before.
However, a N3.42 billion net trading loss dented the impressive earnings run of FCMB in Q1 2026, as the company failed to replicate the N14.34 billion generated from net trading in the first three months of last year.
The financials also showed that FCMB closed the period under review with an operating profit of N86.84 billion, up from the N35.25 billion reported in the first quarter of 2025, reflecting a 146.37 percent.
FCMB further reported a N139.63 million as a share of the post-tax result of an associate in Q1 2026, recovering from the N230.13 million loss posted in the corresponding period in 2025.
This impacted the company’s bottom line, as the financial institution recorded an N86.98 billion as profit before tax (PBT) in the first quarter of this year, which increased by 148.38 percent when compared to the N35.02 billion PBT posted in Q1 the previous year.
Out of the pretax profit, FCMB was charged N10.46 billion for income tax for the first three months of this year, up 274.88 percent against the N2.79 billion tax expense incurred in the first quarter of 2025.
Following the deduction, the financial institution reported profit after tax (PAT) of N76.52 billion between January and March 2026, outstripping the N32.23 billion recorded in Q1 2025, up by 137.43 percent.
Meanwhile, in 2025, FCMB joined the trillion-naira club.
For press releases, tip-offs, and corporate information, call 08149575257 (hotline), email: [email protected] and [email protected]
Prime Business Africa is a business, economy and policy news platform founded in 2021 by veteran journalist and media scholar, Dr Marcel Mbamalu, after he left The Guardian as Editor.
Dr Mbamalu, who serves as Founder and Publisher, set up Prime Business Africa to deliver sharp, data-driven reporting on Nigeria’s markets, trade, investment, and governance trends for decision-makers, entrepreneurs, and policy leaders.
He also writes The Bottom Line, a backpage column for Punch Newspaper every Thursday.
Under his leadership, Prime Business Africa combines deep newsroom experience with a focus on accountability journalism, aiming to bridge information gaps between Africa’s private sector and the global economy.
