FCMB Group increases PBT by 42% to N6bn in Q1  

FCMB Group Plc yesterday reported a sustained growth by recording an impressive 42per cent increase in profit before tax in its first quarter (Q1) end of March 2022, a significant jump to N6 billion from the N4.2 billion recorded in the same period in 2021.

Also, profit after tax was up by 45 per cent Year-on-Year to N5.2 billion from N3.6 billion in Q1 2021.

The lender in its Q1 2022 unaudited accounts on the Nigerian Exchange Limited (NGX) reported a significant leap in gross revenue by 34 per cent to N58.3 billion, from N43.5 billion for the same period last year.

Net interest income also followed the growth path as this grew by 33per cent Year-on-Year to N28.1 billion from N21.2 billion for the first quarter of 2021. In addition, non-interest income rose to N9.0 billion at the end of March 2022 from N8.2 billion for the same period in 2021.

Gross fees and commissions income increased 34per cent Year-on-Year, driven by an increase in service fees and commissions, while trading income also jumped by 63per cent Year-on-Year resulting from higher volumes of fixed income instrument trades from the same period last year.

FCMB Group also intensified its strong support to the development of businesses and the Nigerian economy by providing loans and advances valued at N1.1 trillion, up by 24per cent Year-on-Year and 3% Quarter-on-Quarter between January and March this year.

In addition, customer deposits stood at N1.6 trillion, increasing 19per cent Year-on-Year and one per cent Quarter-on-Quarter, while total assets surged by 16per cent to N2.5 trillion.

The Group’s Investment Management businesses collectively grew Assets Under Management by 43per cent Year-on-Year to N713 billion in March 2022.