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FCMB posts N7.1b profit in six months

FCMB posts N7.1b profit in six months

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FCMB Group Plc has recorded a profit before tax (PBT) of N7.1 billion for the half-year ended June 30, 2018. This represents an increase of 86 per cent from N3.8 billion achieved for the same period of last year. The development reflected the improving performance of the financial institution, as well as the effects of diversification through its investments in asset and wealth management.

From the details of its unaudited results announced on the floor of the Nigerian Stock Exchange (NSE), the  Group’s gross revenue rose to N83.9 billion as at the end of June 2018, compared to N77.5billion in the corresponding period of 2017. Similarly, net interest income rose by nine per cent Year-on-Year from N32.5 billion to N35.3 billion, while non-interest income grew to N16.5 billion, an increase of 29 per cent, from N12.8 billion for the same period of last year.

The Commercial & Retail Banking group (which comprises First City Monument Bank Limited, Credit Direct Limited, FCMB (UK) Limited and FCMB Microfinance Bank Limited) generated a 32.2 per cent  increase in  PBT to N2.9 billion for half year 2018 from N2.2 billion at the end of first quarter 2018. Revenue increased by 3.7 per cent year-on-year, driven by an 8.1 per cent increase in non-interest income and an 8.7 per cent increase in net-interest income.

The latter’s increase was largely due to reduction in cost of funds from growth in Personal Banking and SME deposits. This increased net interest margin to 7.7 per cent for half-year 2018 from 7.5 per cent in 2017. Moreover, non-interest income increased by 6.3 per cent quarter-on-quarter to N6.7 billion, due to mobile banking income earned.

The post FCMB posts N7.1b profit in six months appeared first on The Nation Nigeria.

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