FCMB Records N135 Billion Earnings, N11 Billion Profit in Nine Months

By InstinctBusiness Dec 2, 20190

FCMB Group Plc has announced a profit after tax of N10.791 billion for the nine months ended September 30, 2019, showing a marginal decline of 4.8 per cent compared with N11.341 billion recorded in the corresponding period of 2018.

According to the results released recently, showed gross earnings of N135.824 billion, up 2.2 per cent from N132.875 billion in 2018. Net interest income rose from N53.235 billion to N56.321 billion, while net fee and commission income fell from N15.459 billion to N15.307 billion in 2019. Net impairment losses fell by 46 per cent from N14.626 billion to N7.852 billion.

However, personnel expenses rose from N18.111 billion to N21.563 billion, just as general and administrative expenses increased from N21.857 billion to N23.439 billion, while other operating expenses grew from N12.267 billion to N13.387 billion.

Consequently, profit before tax fell from N14.767 billion in 2018 to N12.803 billion, while profit after tax stood at N10.791 billion compared with N11.341 billion in 2019.

The nine months performance indicates that FCMB Group has a significant ground to cover in the remaining quarter of 2019 to record higher bottom-line for the full year.The financial institution had posted a growth of 73 per cent in profit in 2019.

The Chairman of FCMB Group, Mr. Oladipupo Jadesimi, said: “In 2018, we continued to move forward on the path of good governance, strengthening and improving our corporate governance structure and bringing it into line with our long-term strategy and the highest international standards. This was in order to increase the confidence of our shareholders, investors and other stakeholders in an environment that is demanding even more transparency.”

Also speaking, the Group Chief Executive of FCMB Group Plc, Mr. Ladi Balogun, said: “The Commercial and Retail Banking Group (which includes First City Monument Bank Limited, Credit Direct Limited, FCMB (UK) Limited and FCMB Microfinance Bank Limited) grew its profit by 61 per cent, driven by improved performance in our consumer finance business and increase in fees and commissions.”