Finance

FCMB Group earns N352bn

FCMB Group earns N352bn

FCMB Group Plc grew its gross revenue by 75.7 percent to N351.5bn in the first nine months ended September 2023, from N200bn in the corresponding period of 2022.

The results filed with the Nigerian Exchange Limited indicated that the gross earning was driven by a 55.1 percent growth in interest income and a 144.6 percent growth in non-interest income.

The lender’s net interest income grew by 29.5 percent from N93.1bn, in the prior year, to N120.5bn at the end of the period, on the back of a growth in the yield on earning assets for the period ended September 2023.

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The unaudited report showed that the operating expenses grew by 29 percent to N111. 5bn as of September 2023, due to increased personnel costs, regulatory costs, technology-related costs and general inflationary pressures.

Also, the group revealed that it raised a total of N46.7bn via the issuance of a Series 2 Additional Tier 1 Capital Bond under its N300bn debt issuance programme. Its consumer finance business, Credit Direct Limited, during the period under review, completed its maiden Commercial Paper Issuance.

The profit before tax grew by 108 per cent year-on-year to N55.1bn with divisions of the Group recording robust earnings growth. The Banking Group led with 130.1 percent growth, followed by consumer finance at 32.6 percent, investment management, 38.7 percent, and investment banking, 27.6 percent.

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FCMB Group’s customer base grew by 15.4 percent year-on-year from 10.4 million to 12 million customers for the period ended September 2023. It also marked a current year growth of over 1.1 million customers. The agency banking business grew its network to over 120,000 agents, acquiring over 130,000 customers during the period.

Punch

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