Finance & EconomyNews

Q1 2022: FCMB Group sustains growth, as profit rises by 42% to N6 billion

FCMB Group Plc sustained its profitable growth trajectory by recording an impressive 42% increase in profit before tax at the end of March 2022, a significant jump to N6 billion from the N4.2 billion recorded in the same period in 2021. Also, profit after tax was up by 45% Year-on-Year to N5.2 billion from N3.6 billion in 2021. Solid growth across all businesses supported this performance.

The three-month results also showed a significant leap in gross revenue by 34% to N58.3 billion, from N43.5 billion for the same period last year. Net interest income also followed the growth path as this grew by 33% Year-on-Year to N28.1 billion from N21.2 billion for the first quarter of 2021. In addition, non-interest income rose to N9.0 billion at the end of March 2022 from N8.2 billion for the same period in 2021. Gross fees and commissions income increased 34% Year-on-Year, driven by an increase in service fees and commissions, while trading income also jumped by 63% Year-on-Year resulting from higher volumes of fixed income instrument trades from the same period last year.

FCMB Group also intensified its strong support to the development of businesses and the Nigerian economy by providing loans and advances valued at N1.1 trillion, up by 24% Year-on-Year and 3% Quarter-on-Quarter between January and March this year. In addition, customer deposits stood at N1.6 trillion, increasing 19% Year-on-Year and 1% Quarter-on-Quarter, while total assets surged by 16% to N2.5 trillion.

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