FCMB Group filed its 9M 2025 results on Friday after trading hours. The coming week is a busy one for the firm as the firm will be holding an EGM on Monday (to seek shareholder approval to take in more funds than planned from its public offer), and an earnings call on Tuesday. 

Topline and bottomline growth was decent both i remain unconvinced about its long term strategy. 

9M 2025

Gross earnings grew 40.89% year on year from N587 billion in 2024 to N828 billion in 2025. At its current pace, the company will hit the N1 trillion revenue mark by the end of the year, joining a select number of companies that do so on the NGX.

Profit after tax grew by 52% year on year from N82.3 billion in 2024 to N125.4 billion in 2025.

Earnings per share however dipped by 29.55% from N5.55 in 2024 to N3.91

Q1 to Q3 2025 and FY 2025 forecast

There was a marked increase quarter on quarter in terms of topline and bottomline. FCMB Group made N298 billion in gross earnings and N52 billion in profit after tax for the quarter ending September 2025

Why am i bearish?

Im bearish on FCMB Group the long run for two reasons: The company is lagging behind its tier two peers and i don’t get the rationale for wanting to pursue regional expansion outside Nigeria.