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FCMB Group PAT hits N13.8bn in 9-months, 70k earnings per share

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FCMB Group Plc its Profit After Tax (PAT) for the nine months ended September 30, 2021, stood at N13.8 billion.

 

In its unaudited results released on the floor of the Nigerian Exchange Limited (NGX), the Group also declared 70 kobo earnings per share during the period under review.

 

According to the result, Gross revenue grew marginally by 2per cent Year-on-Year (YoY) to N149.4 billion, as against N146.4 billion recorded in the same period of last year.

 

Net interest income declined by 4per cent Y-o-Y to N65.4 billion, compared to N68.1 billion recorded in the corresponding period of last year.

 

The decline was significantly impacted by a decrease in the Net Interest Margin of the bank, which dropped to 6.9per cent from 7.6per cent recorded last year.

 

Non-interest income rose by 17.3per cent Y-o-Y to N31.7 billion from N27 billion recorded in the same period of last year.

 

The growth in the Non-interest income was driven by the surge recorded in digital banking fees (+50per cent Y-o-Y), as more customers were migrated to alternate channels.

 

Operating expenses rose by 11per cent Y-o-Y to N73.2 billion.

 

The increase was largely due to increased regulatory costs which accounted for 44per cent of total cost growth.Net impairment loss on financial assets decreased by 39.4per cent Y-o-Y to N8.1 billion.

 

Profit after tax dropped slightly by less than 1per cent Y-o-Y to N13.8 billion during the period under review. However, on a quarterly basis, the group recorded a 57per cent surge in its bottom line to N6.2 billion from N4 billion recorded in Q2 2021. Loans and advances grew by 22per cent Y-o-Y to N967.6 billion.

 

Customer’s deposits rose by 18per cent Y-o-Y to N1.4 trillion. Total assets increased by 19% Y-o-Y to N2.42 trillion. Earnings per share printed 70 kobo. About FCMB Group Plc

 

 

 

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