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FCMB Group grows profit by 26% to N11.1bn in H1’2020

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FCMB acquires 96% of AIICO Pensions

By Babajide Komolafe

FCMB Group Plc has announced a 26 percent growth in its profit before tax to N11.1 billion in the six months ending June 30th  (H1’2020) from N8.8 billion in the corresponding period in 2019.The Group disclosed this in its financial statement for H1’2020 released last week.

The group which is the parent company of    FCMB Bank Limited said it also recorded 29 percent increase in profit after tax to N9.7 billion during the period, which translates to a return on average equity(RoAE) of 9.4 percent    and earnings per share of 49 kobo, a Year-on-Year improvement of 16 percent and 29 percent, respectively.

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FCMB Group is a holding company divided along three business groups; Commercial and Retail Banking (First City Monument Bank Limited, Credit Direct Limited, FCMB (UK) Limited and FCMB Microfinance Bank Limited); Corporate & Investment Banking (the Corporate  Banking Division of the Bank, FCMB Capital Markets Limited and CSL Stockbrokers Limited) as well as Asset & Wealth Management (FCMB Pensions Limited, FCMB Asset Management Limited and FCMB Trustees Limited).

The half year results also showed that the Group recorded an increase in gross revenue by 9% to N98.2 billion as against N89.8 billion for the same period last year. Net interest income equally rose by 17% for the first half of 2020 to N45.4 billion from  N38.7  billion posted in the first half of 2019, while non-interest income stood at N17.5 billion, an increase of 14% compared to N15.3 billion within the six months period last year.

Vanguard

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