Prime Business AfricaOver N252.69 billion was recorded as gross earnings for the first quarter (Q1) of 2025 by First City Monument Bank (FCMB), indicating a 41.12 percent increase compared to the N179.05 billion generated in Q1 2024.
According to FCMB’s consolidated and separate financial statements for the period ended March 31, 2025, interest income rose by 70.95 percent year-on-year from N179.05 billion to N214.36 billion.
Join our WhatsApp ChannelInterest expense recorded a higher growth of 81.22 percent, after FCMB paid N126.86 billion on deposits and borrowings in Q1 2025, compared to the N70 billion paid in Q1 2024.
Although the company’s deposits from customers declined from N4.29 trillion recorded at the end of December 31, 2024, to N4.12 trillion in Q1 this year, reflecting a decrease of 3.98 percent.
Nonetheless, at the end of the quarter in review, FCMB reported its net interest income grew by 57.98 percent year-on-year from N55.38 billion to N87.49 billion.
Also, fee and commission income increased by 43.39 percent to N24.29 billion in the first quarter of this year, up from N16.94 billion in the corresponding quarter in 2024, while fee and commission expense rose by 9.70 percent year-on-year from N5.02 billion to N5.51 billion.
Consequently, FCMB reported 57.60 percent growth in net fee and commission income, which increased from N11.91 billion in Q1 2024 to N18.77 billion in Q1 2025.
FCMB also disclosed that the result from operating activities was N35.25 billion during the reviewed period, against the N31.34 billion recorded between January and March last year, indicating an increase of 12.46 percent.
In the same vein, the bank’s profit before tax (PBT) grew by 11.72 percent year-on-year from N31.34 billion to N35.02 billion.
However, after FCMB paid N2.79 billion in income tax in Q1 2025, the company was left with a N32.23 billion profit after tax (PAT) during the same period, compared to that of Q1 2024, when the lender filed N2.57 billion tax and posted N28.77 billion PAT.
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