Nigeria, Dec. 6 -- FCMB Group leveraged a sharp expansion in interest income to drive a 52.3 per cent increase in net profit for the first nine months of the year, making it one of the few outliers that are still reporting a profit increase as the bottom line of Nigerian banks take a hit from a slide in currency revaluation gains.

Lenders in the country this year are witnessing a reversal of fortune in growing profit as the huge Foreign Exchange (FX) revaluation gains from devaluing the naira in recent years dries up.

That windfall income considerably fuelled the bumper profits that most banks recorded between 2023 and 2024, when they capitalised on a volatility in the exchange rate to shore up profit.

For FCMB Group, foreign exchange ...