FCMB Group’s annual profit drops 21% despite higher revenue

Net profit at the banking holding company FCMB Group fell by more than one-fifth last year amid galloping cost pressures even though revenue grew by as much as 53.9 per cent.

These details are contained in the group’s newly released audited earnings report.

The result bucks the trend of record profitmaking by the majority of Nigerian lenders that have so far published their financial statements for 2024 as a dramatic rise in the benchmark interest rate during the year sharply…