FCMB posts N32.59bn profit in Q4 2022

FCMB Group Plc has grown its gross revenue marginally by 2% Y-o-Y to N149.4 billion in the first nine months of 2021, up from N146.4 billion recorded in the same period of 2020.

This is according to Group’s unaudited results for the period ended 30th of September, 2021.

According to the results filed with the Nigerian Exchange Limited (NGX), the Group posted a bottom line of N13.8 billion, as earnings per share printed 70 kobo during the period under review.

Key Highlights:

The company declared N13.8 billion PAT for the period.

Net interest income declined by 4% Y-o-Y to N65.4 billion, compared to N68.1 billion recorded in the corresponding period of last year. The decline was significantly impacted by a decrease in the Net Interest Margin of the bank, which dropped to 6.9% from 7.6% recorded last year.

Non-interest income rose by 17.3% Y-o-Y to N31.7 billion from N27 billion recorded in the same period of last year. The growth in the Non-interest income was driven by the surge recorded in digital banking fees (+50% Y-o-Y), as more customers were migrated to alternate channels.

Operating expenses rose by 11% Y-o-Y to N73.2 billion. The increase was largely due to increased regulatory costs which accounted for 44% of total cost growth.

Net impairment loss on financial assets decreased by 39.4% Y-o-Y to N8.1 billion.

Profit after tax dropped slightly by less than 1% Y-o-Y to N13.8 billion during the period under review. However, on a quarterly basis, the group recorded a 57% surge in its bottom line to N6.2 billion from N4 billion recorded in Q2 2021.

Loans and advances grew by 22% Y-o-Y to N967.6 billion.

Customers deposits rose by 18% Y-o-Y to N1.4 trillion.

Total assets increased by 19% Y-o-Y to N2.42 trillion.
Earnings per share printed 70 kobo

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