Financial results for the first quarter of 2023 have been released by FCMB Group Plc, FCMB gain N10 Billon. Illustrating the ongoing success of its digital banking activities across multiple business divisions.
The success of FCMB’s digital banking initiatives has significantly improved the company’s performance as a whole. 12 percent, or N10 billion, of gross revenues for the first quarter came from digital sources.
According to a statement from the bank, the significant rise demonstrates the Group’s dedication to use digital solutions to improve client experiences and promote financial inclusion.
Across all of the business lines within FCMB Group, the effects of digitalization were visible. Digital revenues represented for 8% (or $5,2 billion) of interest income, demonstrating customers’ growing use of online banking services.
Additionally, 6.4% (or $76.3 billion) of the loan book came from digital initiatives, demonstrating the Group’s emphasis on digital lending solutions.
Seven (10.0 billion) of the assets under management (AUM) in the asset management division of the Group were managed using digital means.
The Group Chief Executive, Ladi Balogun, commented on the results as follows: “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. This strategy enables us to deliver robust performance despite the challenging domestic and global environment. Barring unforeseen circumstances, we believe our growth trend will be sustained and accompanied by improving efficiencies arising from greater scale and ongoing digitisation.”
