FCMB Group to likely delay filing of 2025 audited financial statement

FCMB Group Plc has formally notified Nigerian Exchange Limited (NGX), shareholders, and the investing public of a possible delay in the release of its audited financial statements for the financial year ended December 31, 2025.

In a regulatory filing issued on Wednesday, the Group disclosed that the anticipated delay is due to the pending approval of its primary regulator, the Central Bank of Nigeria (CBN). According to the company, although the audit process has been concluded, the financial statements cannot be published or submitted to the Exchange until formal clearance is obtained from the apex bank.

Under NGX post-listing requirements, listed companies are mandated to file their audited annual financial statements on or before March 31 of the subsequent year. FCMB Group indicated that while it is making every effort to meet this statutory deadline, regulatory approval from the CBN may not be secured before that date, making a short postponement likely.

In a statement signed by Company Secretary, Ms. Olufunmilayo Adedibu, the Group assured stakeholders that it is actively engaging with the CBN to facilitate the completion of the approval process. It expressed confidence that the outstanding clearance will be obtained shortly after the March 31, 2026 regulatory deadline, at which point the audited results will be immediately submitted to the NGX and released to the market.

READ ALSO: How FCMB fraud losses jumped 106-fold in a decade

Such regulatory reviews are standard practice for financial holding companies and banking groups in Nigeria, particularly given the CBN’s supervisory oversight of capital adequacy, asset quality, provisioning levels, and compliance with prudential guidelines. Approval from the apex bank serves as a final layer of regulatory validation before public disclosure.

For investors and analysts, audited full-year results are particularly significant as they provide comprehensive insights into earnings performance, balance sheet strength, risk exposures, and dividend capacity. The market will be closely watching the eventual release, especially against the backdrop of evolving macroeconomic conditions and regulatory reforms within Nigeria’s financial services sector.

FCMB Group reiterated its commitment to transparency, corporate governance, and strict adherence to regulatory obligations. The company pledged to promptly notify the Exchange and the investing public once the required approval has been secured and the audited financial statements are officially filed.

2025 financial performance

FCMB Group Plc delivered an impressive financial performance in 2025, driven by robust revenue growth, expanding shareholder equity, and rising interest income, even as the bank faced higher credit risks and regulatory fines.

The group’s gross revenue surged 42 percent, reaching N1.126 trillion, while net profit more than doubled to N176.91 billion compared to N73.34 billion in 2024. This strong earnings growth reflects effective operational management and strategic growth across the bank’s lending and investment portfolio.

FCMB’s balance sheet remained solid, with total assets comfortably exceeding liabilities, giving the bank a positive net worth. Shareholder equity increased to N822.428 billion, up from N688.17 billion the previous year, underlining the institution’s financial stability and its ability to meet debt obligations. Cash and cash equivalents also remained strong at N1.3 trillion, providing ample liquidity to support ongoing operations and future investments.

The bank’s earnings per share (EPS) rose to N3.96, compared with N2.46 in 2024, highlighting enhanced shareholder returns. A key contributor to this growth was a robust interest income of N1.002 trillion, marking a 61.2 percent increase over the N621.803 billion recorded in the prior year. Interest income represents money earned from lending and investing customer deposits, such as loans, bonds, savings accounts, and fixed deposits. Essentially, it is the reward banks like FCMB earn for allowing customers to use their funds over a period.

Despite the strong financial results, FCMB’s risk exposure increased during 2025. Net impairment losses on financial assets rose to N92.51 billion, up from N43.79 billion in 2024. An impaired financial asset is one whose recoverable value is lower than its carrying amount on the balance sheet, resulting in a recognised loss.When an asset is impaired, a write-down on the balance sheet and an impairment loss are recognised on the income statement, according to the Corporate Finance Institute.

In practical terms, net impairment losses indicate how much the bank expects to lose from loans or other assets that may not be fully recoverable. This metric helps investors and stakeholders understand the quality of the bank’s loan portfolio and its exposure to default risk.

READ ALSO: Fraudsters hit FCMB as losses rise 106 times in 10 years

FCMB explained that evidence of credit-impaired financial assets includes: Borrowers facing significant financial difficulties or breaching contract terms; loans or advances being restructured on terms not normally offered; probable bankruptcy or other financial reorganizations of the borrower; and disappearance of an active market for a security due to financial distress.

These indicators underscore the challenges in maintaining asset quality amid economic fluctuations and customer defaults. FCMB also faced higher regulatory costs in 2025. The bank paid N490.19 million in fines, a substantial increase from N136.65 million in 2024. This reflects intensified regulatory scrutiny and the need for continuous compliance monitoring.

On the fraud front, the bank set aside N25.93 million for provisions related to fraud and forgeries, significantly lower than N1.22 billion recorded the previous year, indicating improved internal controls and fraud management.