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

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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.

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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.

 

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.

 

Furthermore,  loans and advances grew by 29% Year-on-Year and 4% Quarter-on-Quarter to N794.6 billion while customer deposits went up by 28% Year-on-Year and 11% Quarter-on-Quarter to ₦1.1 trillion in June 2020, implying a significant increase in confidence in the institution. Total assets rose by 31% Year-on-Year and 4% Quarter-on-Quarter to ₦1.97 trillion as at June 2020. The Group’s capital adequacy ratio stood at 17.3%, which is above the minimum requirement set by the Central Bank of Nigeria. Liquidity ratio was 32.2%. Customer base across the Group grew by 29% Year-on-Year from 5.9 million to 7.7 million.

Vangaurd

 

 

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