First City Monument Bank (FCMB) Group Plc reported a pre-tax profit of N157.3 billion for the first half of 2026, nearly doubling the N79.1 billion recorded in the same period last year.
The Lagos-based lender attributed the strong performance to a significant surge in interest income, reflecting the benefits of higher lending rates in the Nigerian banking sector.
The results underscore the continued profitability of Nigerian banks as they navigate a high-interest-rate environment.
While funding costs have risen, the net interest margin expansion has largely offset these pressures, allowing major lenders to post robust top-line growth.
FCMB’s figures are in line with the broader trend of improved earnings visibility for the sector in the first half of the year.
Investors will be watching to see if this momentum can be sustained in the second half of 2026, particularly as the central bank maintains its tight monetary policy stance.