FCMB Group Plc’s gross earnings increases from N149.467bn to N200.067bn

FCMB Group Plc’s gross earnings for the nine months ended September 30 2022, grew by 33.85% year-on-year (Y-o-Y) to N200.067 billion from N149.467 billion.    .

This was despite a high inflationary environment and currency devaluation which the economy continues to battle.

The company noted that the revenue growth was driven by loans & advances to customers and supported by the higher interest rate environment.

Some key takeaways: Interest income grew by +33.12% y-o-y benefitting from strong loan growth and a higher yield environment to N154.083 billion from N115.750 billion in 2021.

Interest income from loans and advances to customers grew by 24.09% to N123.013 billion in 2022 from N99.132 billion in 2021.

The income from loans and advances had a 79.83% contribution to the interest income for the period.

Fees and commission income grew to N34.587 billion in the third quarter of 2022 from N25.622 billion in 2021 on the back of a rise in credit-related fees and income, electronic banking income, and trade transaction income amongst others.

The bank recorded strong growth in profit before tax from N15.741 billion in 2021 to N26.504 billion in 2022, a growth of 68.37%.