FCMB records N15.4 billion in Profit Before Tax

FCMB Group Plc has announced its Unaudited Group Results for the first half ended 30 June 2022.

According to the announcement, the bank recorded N15.4 billion in Profit Before Tax for H1 2022 – a 73% Year-on-Year Growth

The report added that the gross revenue of ₦126.2 billion for the six months ended June 2022, a 34.0% growth from ₦94.2 billion for the same period prior year, which was driven by a 35.0% growth in interest income and a 30.5% growth in non-interest income.

It stated that net interest income grew by 39.9% from ₦42.9 billion, for the first six months of 2021, to ₦60.2 billion in H1 2022.

The growth was driven by a growth in the yield on earning assets from 9.9% to 10.9% which led to an increase in NIM from 7.0% to 7.2%.

It was gathered that digitall continues to gain traction across our various businesses and now accounts for 13.6% of gross earnings, 9.3% of interest income, 6.6% of the loan book and 7.9% of the AUM of our Asset Management business.

The report revealed that operating expenses grew 19.1% Year-on-Year to ₦57.1 billion in the first six months of 2022, largely due to increased regulatory costs, technology related costs and general inflationary pressures.

Net impairment loss on financial assets increased Year-on-Year to ₦10.7billion, for the six months ended June 2022, from ₦4.0 billion for the same period prior year. H1 2022 cost of risk was 1.9%.

PBT grew by 73.2% Year-on-Year to ₦15.4 billion with strong double-digit growth in each of our business segments as follows; Banking Group 84.2%, Consumer Finance 42.7%, Investment Management 41.9%, and Investment Banking 253.8%.