Increase in Topline Aided by Both Interest and Non-Interest Income
In its 2021FY financial scorecard, FCMB’s gross earnings rose by 6.88% YoY to NGN212.01bn, buoyed by higher interest and non-interest income. The major push for total interest income
(+7.30% YoY) came from interest on customer loans, which grew sharply by 30.31% YoY and accounts for c. 85% of total interest income. We attribute this impressive performance to the
lender’s aggressive digital strategy by which loans are increasingly channeled through digital platforms.
