FCMB Group Reports N13.80 Billion in Nine-Month Profit

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Kayode Tokede

FCMB Group Plc reported profit of N13.80 billion for its nine months ended September 30, 2021, earnings and unaudited accounts.

The results of the Nigerian Exchange Limited (NGX) showed a 0.71% drop in profit from 13.90 billion naira in the previous nine months, ended September 30, 2020.

According to profit and loss figures, the group reported gross revenue of 149.5 billion naira for the nine months ended September 30, 2021, an increase of 2.1% from 146. 43 billion naira declared for the previous period.

The group reported a decrease in net interest margin to 6.9% from 7.6% year-on-year, resulting in a 4% year-on-year decline in net interest income of $ 68.1 billion. naira, at nine months of 2020, to 65 naira 0.4 billion for nine months of 2021.

In addition, it reported non-interest income of N31.7 billion for the nine months ended September 2021, an increase of 17.3 percent from N27 billion for the same period of the year. last year.

According to the financial institution: “Digital banking fees have increased by 50% year over year as we migrate more customers to our alternative channels. “

Operating expenses rose 11% to 73.2 billion naira in the nine months of 2021, largely due to rising regulatory costs which accounted for 44% of total cost growth.

In addition to profit and loss figures, FCMG Group reported a loss of net worth on financial assets down 39.4% to 8.1 billion naira for the nine months ended September 2021, from 13.3 billion naira. naira for the same period of the previous year.

“However, we also recognized a change loss of 3.2 billion naira on the restructured facilities during the quarter,” the bank said in a statement to investors.

Relative to the group’s financial position, loans and advances increased by 22% to reach N967.6 billion in September 2021, while customer deposits increased by 18% to reach N1.4 trillion in the year. September 30, 2021.

Of that, total assets rose 19% to 2.42 trillion naira in September 2021, from 2.06 trillion nair reported for the fiscal year ended December 31, 2020.

FCMB Group is the holding company of First City Monument Bank Limited, Credit Direct Limited, FCMB (UK) Limited, FCMB Microfinance Bank Limited, FCMB Capital Markets Limited, CSL Stockbrokers Limited, FCMB Pensions Limited, FCMB Asset Management Limited and FCMB Trustees Limited.

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