FCMB announces N94.2bn revenue, PBT rise by 9.4%

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In its unaudited interim earnings report for the first half of 2021, the FCMB Group Plc announced a gross revenue of N94.2bn and profit before tax of N8.9bn.

FCMB Group is the holding company for First City Monument Bank Limited, Credit Direct Limited, FCMB (UK) Limited, FCMB Microfinance Bank Limited, FCMB Capital Markets Limited, CSL Stockbrokers Limited, FCMB Pensions Limited, FCMB Asset Management Limited and FCMB Trustees Limited.

According to a statement from the group, its non-interest income increased to N17.9bn from N17.5bn in the corresponding period of 2020.

Loans and advances grew by 15 per cent year-on-year and three per cent quarter-on-quarter to N916.7bn.

The statement said, “Customer confidence in FCMB remained strong, as deposits were up by 21 per cent YoY and one per cent QoQ to N1.3tn within the six months of this year, while total assets increased by 14 per cent YoY and four per cent QoQ to N2.24tn.

“Moreover, Assets Under Management (AUM) grew impressively by 10 per cent year-on-year to N500bn in June 2021.”

It added that key prudential and soundness ratios, including liquidity ratio of 35.7 per cent and capital adequacy of 15.9 per cent continued to hold up to further prove the resilience of FCMB Group despite the challenging business and regulatory environment in the financial industry.

SOURCE: PUNCH

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