FCMB Grows Profit By 73.15%
FCMB Group Plc posted a of 73.15 per cent in its profit before tax (PBT) for the first half (H1) of this year, the bank’s unaudited interim financial statements for the period ended June 30, 2022 has shown.
The report which was released on Monday and signed by the company’s Group Chief Executive, Ladi Balogun, shows that the PBT rose to N15.43 billion, from N8.91 billion reported in the corresponding period of 2021.
The company’s profit after tax (PAT) also grew by 80.8 per cent to N13.66 billion, from N7.56 billion in the review period after taxation expenses of N1.77 billion.
FCMB’s net interest income rose by 39.93 per cent to N60.17 billion, from N42.997 billion, reported in the corresponding period of 2021, while its net impairment loss on financial assets shows the strongest performance, rising by 166.85 per cent to N10.697 billion from N4.01 billion
Further analysis on the bank’s interim financial report indicates that net fee and commission income grew by 31.45 per cent to N17.00 billion in 2022 relative to N12.93 billion posted in 2021.
Gross earnings were also positive, increasing by 33.96 per cent to N126.22 billion in the period under review, from N94.23 billion reported in the corresponding period of 2021.
However, the bank’s total assets, which stood at N2.49 trillion in Q2 2021, rose to N2.65 trillion in Q2 2022, representing a 6.4 per cent growth, while its total liabilities widened by 6.69 per cent to N2.399 trillion from N2.25 trillion.
Comments are closed.