Prime Business AfricaIn 2024, First City Monument Bank (FCMB) grew its gross revenue to N794.43 billion, 53.85 percent higher than the N516.35 billion generated in 2023.
FCMB, in its financial statements for the period ended December 31, 2024, also reported 75.15 per cent growth in its interest and discount income, which was N621.80 billion last year, up from N354.99 billion.
Join our WhatsApp ChannelHowever, according to Prime Business Africa’s analysis, interest expense tripled to N396.50 billion last year, a 122.25 percent increase, compared to the N176.59 billion posted the year before.
Consequently, net interest income rose by 27.57 percent year-on-year from N176.59 billion to N225.3 billion, with profit before tax (PBT) rising by 7.14 per cent to N111.89 billion – from N104.43 billion.
Nonetheless, the Federal Government’s imposition of a windfall tax of N17.67 billion dug a hole in FCMB’s bottom line as it increased tax charged by 237.81 percent during the period under review.
FCMB paid a total tax of N38.55 billion – due to the introduction of windfall tax in 2024 – compared to the N11.41 billion levied on the company in the previous year.
This resulted in FCMB’s profit after tax (PAT) declining by 21.15 percent to N73.33 billion in 2024, compared to the N93.01 billion net income recorded in 2023.
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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.
