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FCMB grows profit by 207% to N95bn


FCMB Group has reported a 206.86 per cent increase in its profit for the financial year ended December 2023 to N95.52bn.

This was revealed in the unaudited annual report and financial statements filed with the Nigerian Exchange Limited on Friday.

FCMB’s profit was boosted by increases in interest and discount income to N355.68bn and fees and commission income to N60.78bn.

It recorded a 82.62 per cent increase in gross earnings for the period under review, which stood at N516.79bn.

The balance sheet of the financial institution was also in the green zone as total assets rose by 47.87 per cent to N4.411tn from N2.983tn in the prior year and liabilities went up by 45.92 per cent to N3.95tn.

Cash and bank balances appreciated by 122.40 per cent to N550.41bn, and loans and advances to customers stood at N1.84tn, signally a 53.52 per cent increase.

Deposits from banks rose by 110.58 per cent to N261.89bn from N124.37bn and deposits from customers appreciated by 58.91 per cent to N3.09tn from N1.944tn.

Shareholders’ fund also appreciated to N460.74bn from N275.88bn.

The equities of the bank closed 2023 trading at N7.40  per unit and stood at N11.10 each at the close of trading on Friday, posting a year-to-date gain of about 50 per cent.

FCMB Group has a market cap worth N219.81bn as of Friday.

FCMB Group Plc was incorporated in Nigeria as a financial holding company on November 20, 2012, under the Companies and Allied Matters Act, in response to the CBN Regulation on the Scope of Banking Activities and Ancillary Matters (Regulation 3).

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