-Concludes Public Offer Towards N500bn Recapitalisation Target
December 08, (THEWILL) — FCMB Group has reported a profit before tax of N134.497 billion for the nine months ended 30 September 2025. This constitutes a significant 46.2 percent increase from the N91.83 billion posted in the same period last year.
The Group’s unaudited financial statement filed with the Nigerian Exchange (NGX) revealed that pre-tax profit for Q3 alone grew by 100.47 percent to N55.37 billion, compared to N27.62 billion in Q3 2024.
On the revenue front, FCMB reported a significant 40.89 percent growth in gross earnings, which totaled N828.128 billion in 9M 2025, up from N587.773 billion in the same period of 2024.
FCMB’s profit growth for the nine months ended September 30, 2025, was largely driven by a significant increase in interest income, which grew by 64 percent to N734.11 billion, compared to N445.79 billion in the same period in 2024.
An analysis of the report showed that the increase was primarily attributed to interest income from loans and advances to customers which rose to N464 billion, accounting for 63 percent of total interest income. This was achieved despite a 3 percent drop in loans and advances to customers amounting to N2.29 trillion. Its deposit base soared from N99.27 billion to N4.4 trillion, representing robust customer confidence in the Tier-2 financial services institution.
The net interest income for the nine months ended September 30, 2025, stood at N350.83 billion, reflecting a solid 102 percent YoY growth. After accounting for impairment charges of N57.12 billion, net interest income after impairment reached N293.71 billion, an increase of 127 percent from the previous year’s N129.37 billion.
FCMB recorded N108.01 billion in non-interest income, marking a 6.21% YoY increase and accounting for 13% of gross earnings.
This was driven by strong growth in fee and commission income, mainly from service fees and commissions (N28 billion) and account maintenance charges (N13.99 billion). Also, trading income contributed to the growth.
Notwithstanding that treasury bills income more than doubled to N10.6 billion, the decline in foreign exchange trading income and FGN bonds trading income contributed to a 25 percent drop in net trading income, which amounted to N37.26 billion.
The Group’s shareholders’ fund saw a rise of N116.95 billion in nine months, driven by a N22.73 billion increase in its share premium and share capital account, bringing the total to N288.96 billion. Retained earnings increased by N103.47 billion, accounting for over 36 percent of shareholders’ funds
Recapitalisation process
FCMB Group Plc says it has completed its public offer, positioning the financial holding company to meet the N500 billion capital requirement set by the Central Bank of Nigeria (CBN).
This is contained in a notice to the Nigerian Exchange (NGX) on Friday, December 5, 2025. The announcement comes at a time when commercial banks are racing to meet the CBN’s March 2026 recapitalisation deadline.
Besides the successful conclusion of the public offer, FCMB confirmed that it is also on track to finalise the sale of a minority stake in one of its subsidiaries before the end of December.
“We have successfully concluded our public offer and are on track to complete the minority subsidiary sale by the end of December. Subject to CBN capital verification (currently ongoing), shareholder approval at the EGM, and the required regulatory consents, we are positioned to deliver the N500bn capital target ahead of the March 2026 deadline for our banking subsidiary, FCMB Limited,” the Group stated.
The update comes after FCMB returned to the capital market in October with a N160 billion public offer, comprising 16 billion ordinary shares priced at N10 each. The offer, part of the bank’s broader recapitalisation programme, closed on November 6, 2025.
According to FCMB, the successful conclusion of the offer reinforces its ability to maintain “strong financial and operational performance, driven by expanding margins, increased customer activity, and scalable digital growth.”
The Group added: “With our recapitalisation programme on track and risk fundamentals remaining solid, we expect to maintain healthy profitability and a strong capital position going into 2026.”
The latest capital raise represents the second phase of FCMB’s recapitalisation strategy. It follows the successful execution of a N147.5 billion share sale in 2024, which marked the first phase of the multi-stage programme.
The 2024 offer was oversubscribed by 33 percent, attracting 42,800 investors, 92 percent of whom subscribed through digital channels — a milestone FCMB says reflects strong market confidence and the deepening adoption of digital investment platforms.
FCMB recently raised its capital ceiling from N340 billion to N370 billion, and then to N400 billion. It clarified that the decision to increase the limit of its capital-raising authority from N340 billion to N400 billion is not an attempt to initiate a new fundraising round but a regulatory compliance measure necessitated by a recent circular issued by the Central Bank of Nigeria (CBN).
The clarification follows an addendum released by the company on November 21, 2025, amending Resolution 1 of its Extraordinary General Meeting (EGM) notice published on November 15, 2025.
On market performance, FCMB closed its last trading day (Friday, December 5, 2025) at N10.90 per share on the Nigerian Exchange (NGX), recording a 3.8 percent gain over its previous closing price of N10.50. FCMB began the year with a share price of N9.40 and has since gained 16 percent on that price valuation.
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
