FCMB Group Reports N13.80bn Profit in Nine Months

Kayode Tokede

FCMB Group Plc has reported N13.80billion profit in its nine months ended September 30, 2021 unaudited result and accounts.

The results on the Nigerian Exchange Limited (NGX) showed 0.71 per cent decline in profit from N13.90 billion in prior nine months ended September, 30, 2020.

From the profit & loss figures, the group reported Gross revenue of N149.5 billion for the nine months ended September 30, 2021, a 2.1 per cent increase from N146.43 billion reported for prior period.

The Group report a decline in Net Interest Margin to 6.9 per cent from 7.6 per cent year on year, led to a four per cent year on year drop in net interest income from N68.1 billion, as at nine months of 2020, to N65.4 billion for nine months of 2021.

Also, it reported a non-interest income of N31.7 billion for the nine months ended September 2021, an increase of 17.3per cent N27 billion for the same period prior year.

According to the financial institution: “Digital Banking Fees increased by 50per cent Year-on Year, as we migrate more customers to our alternate channels.”

Operating expenses rose 11per cent to N73.2 billion in the nine months of 2021, largely due to increased regulatory costs which accounted for 44per cent of total cost growth.

In addition to profit & loss figures, FCMG Group reported Net impairment loss on financial assets decreased by 39.4per cent to N8.1 billion, for the nine months ended September 2021, from N13.3 billion for the same period prior year.

“However, we also recognized a modification loss of N3.2billion on restructured facilities during the quarter,” the bank explained in a statement to investors.

From the group financial position, Loans and advances grew by 22 per cent to N967.6 billion as at September 2021, while Customer deposits rose by 18per cent to N1.4 trillion as at September 30, 2021.

On this, Total assets increased by 19 per cent to N2.42 trillion as at Sep 2021 from N2.06trillion it reported in full year ended December 31, 2020.

FCMB Group is the holding company for 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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