Q2 2024 Fcmb Group PLC Earnings Call Transcript
Key Points
- FCMB Group PLC (NSA:FCMB) reported a strong H1 2024 with a 68% overall profit growth, closing at NGN64.2 billion.
- The company saw significant growth in its customer base, with a 13% increase to 13.3 million customers.
- The asset management business exhibited robust growth of 35%, outperforming the market.
- Digital revenues grew by 99% year-on-year, driven by strong growth in digital lending volumes and payment volumes.
- The company is actively pursuing a capital raising plan, with a public offer receiving positive reception, aiming to raise NGN397 billion in total.
- There was a 48% increase in operating expenses, driven by growth in personnel costs and regulatory expenses.
- Net interest margins declined to 5.4% from 7.2% due to increased funding costs.
- The company anticipates a slight dip in EPS by about 20% in 2024 due to late capital inflow.
- There was a noticeable decline in foreign exchange revenues by 29% year-on-year.
- The company faces pressures on net interest margin and capital ratio, with strategies needed to boost them.
Thank you very much. Good afternoon, ladies and gentlemen, and welcome to our H1 2024 investors and analyst presentation. I have in the room with me, my colleagues, Tunji Onamusi, who is Head of Investor Relations; Mr. Gbolahan Joshua, Chief Operating Officer, FCMB Group; Mr. Deji Fayose, Chief Financial Officer, FCMB Group. We also have Mr. James Ilori, the CEO of FCMB Asset Management; Mr. Femi Badeji, the Executive Director, Corporate and Investment Banking in FCMB Group; Mr. Chuk Nwanze, the CEO of Credit Direct Limited; Mr. Yemisi Edun, CEO of FCMB Limited, the Nigerian Bank; and Mrs. Toyin Olaiya, our Chief Risk Officer.
We will be running a slightly different format to our presentation to what you are used to. We will only have three speakers to make it more efficient. I will take you through -- if you move to slide 2, you will see the agenda. I will take you through, the highlights and strategic updates. And we will then have our CFO take you through the group performance review, the banking performance review,
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