Finance

FCMB group declares N13.8bn PAT in nine months 2021, as earnings per share prints 70 kobo

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

FCMB Group Plc has re­leased its unaudited results for the nine months 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.

Gross revenue grew marginal­ly by 2% Y-o-Y to N149.4 billion, as against N146.4 billion recorded in the same period of last year.

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.

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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.

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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.

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Loans and advances grew by 22% Y-o-Y to N967.6 billion, while customers’ deposits rose by 18% Y-o-Y to N1.4 trillion.

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

FCMB Group Plc is a bank-led financial services group, head­quartered in Lagos, Nigeria, with operating companies divided along three business groups; Commer­cial and Retail Banking, Corporate & Investment Banking and Invest­ment Management.

Independent

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