Event, Arts and Entertainment

FCMB earns N208.5bn revenue as profit rises to N24bn 

FCMB Group grows profit by 148% to N38.2bn in H1’23

FCMB Plc sustained its impressive performance last year by earning N208.5 billion in gross revenue for the year ended December 31, 2021, against N199.4 billion in 2020. This represents an increase of 4.6 per cent, with profit before tax rising by 9.2 per cent to N24 billion compared to N22 billion in the previous year. As a result, profit margin, which measures how much revenue has turned to profit, stood at 10 per cent. 

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These figures are contained in the unaudited results of FCMB Group for last year released recently. Despite the challenges posed by the COVID-19 pandemic and the business environment, the significant improvement in the Group’s market fundamentals is another proof of its resilience. The performance also shows that the various strategies being executed by the Ladi Balogun (the Group Chief Executive) – led financial institution are yielding the desired results. 

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Customer confidence in FCMB Group and its 10 subsidiaries remained strong as deposits grew to N1.56 trillion last year from N1.3 trillion in 2020, a 24 per cent rise. Loans and advances by the lender to individuals and businesses in 2021 also rose to N1.06 trillion compared to N823 billion prior year, representing a 29.3 per cent growth. This affirms the strong commitment of the financial institution towards supporting the growth aspirations of individuals, businesses, and that of the country at large. 

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In addition, FCMB Group’s total assets increased to N2.5 trillion in 2021 from N2.06 trillion the previous year, while net fees and commissions rose by 42.8 per cent to N28 billion.  

Sunnews

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