FCMB posts N118.8billion gross revenue in Q3

FCMB Group Plc has recorded gross revenue of N118.8billion in its third quarter (Q3) operations.

Specifically, the bank’s unaudited results for the nine months ended September 30, 2017 showed a decrease of 16 per cent to N118.8billion from the N140.7billion achieved in the corresponding period of 2016.

This, according to the Group, was primarily influenced by the exceptional foreign exchange revaluation income in 2016.

Profit Before Tax (PBT) stood at N6.8billion against N14.2billion achieved in the same period in 2016.

FCMB Group Plc is a holding company with subsidiaries including, First City Monument Bank Limited, FCMB Capital Markets, CSL Stockbrokers Limited, CSL Trustees Limited, and FCMB Microfinance Limited.

The Group also recently acquired Legacy Pension Managers Limited, a leading Pension Fund Administrator (PFA) in Nigeria, by increasing its interest in the company from 28.2 per cent to 88.2 percent following the approval of the regulatory authorities, shareholders and directors of both companies.

FCMB Group also recorded deposits of N636.3billion and further demonstrated its commitment to economic development by providing loans and advances of N657.1billion to its customers and businesses within the first nine-months of the year.

In addition, the Group’s capital adequacy ratio was at 17.4 per cent, which is above the minimum ratio stipulated by the Central Bank of Nigeria, just as the value of its assets stood at N1.14trillion.

Furthermore, cost containment measures were put in place by the management of the bank to ensure that operating expenses remained flat at N49.3billion, in spite of the high inflationary environment in Nigeria.

The bank said it expects to continue to distinguish itself by delivering exceptional services, while enhancing the growth and achievement of the personal and business aspirations of its customers and all stakeholders.