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Home » FCMB Group Announces Q1 2023 Financial Result, Records Success In Digital Banking

FCMB Group Announces Q1 2023 Financial Result, Records Success In Digital Banking

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FCMB Group Announces Q1 2023 Financial Result, Records Success In Digital Banking

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Posted By Town Crier News Nigeria

 

 

 

 

 

 

 

 

 

 

 

 

Published By Fitness Network Communications

 

 

 

 

 

 

 

 

 

 

 

First City Monument Bank (FCMB) Group Plc has announced its financial results for the first quarter of 2023 as it demonstrates continued success of its digital banking initiatives across various business segments.

Digital banking initiatives have gained significant traction within FCMB Group, contributing to its overall performance. In the first quarter, digital revenues accounted for 12.0% of gross earnings, equivalent to N10.0 billion.

This substantial growth highlights the Group’s commitment to leveraging digital solutions to enhance customer experiences and drive financial inclusion.

The impact of digitalisation was evident across FCMB Group’s various business lines. In terms of interest income, digital revenues accounted for 8.0% (₦5.2 billion), reflecting customers’ increasing adoption of digital banking services.

Furthermore, digital initiatives contributed 6.4% (₦76.3 billion) of the loan book, showcasing the Group’s focus on digital lending solutions.

In addition, digital channels accounted for 7.0% (₦10.0 billion) of the Assets Under Management (AUM) in the Group’s Asset Management business, reflecting the strength of its digital investment platforms.

However, speaking on the results, the Group Chief Executive, Ladi Balogun, said; “We continue to leverage our unique group structure to build a technology-driven ecosystem that is fostering inclusive and sustainable growth in the communities we serve.”


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