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FCMB records 68.4 per cent profit growth in nine months

By Guardian Nigeria
02 December 2022   |   1:39 am
FCMB Group Plc has recorded a 68.4 per cent year-on-year growth in profit before tax of N26.5 billion for the nine months ended September 30, 2022, compared to N15.7 billion in the corresponding period of 2021.

Group Chief Executive, FCMB Group Plc, Ladi Balogun(left), receiving Diamond Distinguished Alumnus Award of the University of Lagos Alumni Association, presented to the Founder of FCMB Group Plc, Otunba Olasubomi Balogun, from the Chairman of Access Bank Plc, Dr. (Mrs.) Ajoritsedere Awosika, during the Association’s Awards and Dinner Ceremony held in Lagos.

FCMB Group Plc has recorded a 68.4 per cent year-on-year growth in profit before tax of N26.5 billion for the nine months ended September 30, 2022, compared to N15.7 billion in the corresponding period of 2021.

Highlights of the Group’s unaudited nine-month results released on the floor of the Nigerian Exchange Limited (NGX), showed double-digit growth across all business segments: banking group 74.8 per cent, consumer finance 30.8 per cent, investment management 47.1 per cent, and investment banking 220.9 per cent.

The diversified Group’s gross revenue grew by 33.9 per cent to ₦200.1 billion for the nine months that ended September 2022, compared to ₦149.5 billion in 2021. The key drivers were a 33.1 per cent growth in interest income and 36.1 per cent in non-interest income.

Net interest income also grew by 42.3 per cent from ₦65.4 billion in the first nine months of 2021 to ₦93.1 billion in the corresponding period of 2022.

Digital banking initiatives continued to gain traction across the Group’s various businesses, accounting for 13.8 per cent (₦27.6 billion) of gross earnings, 9.4 per cent (₦14.4 billion) of interest income, 6.5 per cent (₦77.0 billion) of the loan book and 7.3 per cent (₦8.6 billion) of the Asset Under Management (AUM )of its Asset Management business.

Commenting on the results, the Group Chief Executive of FCMB Group Plc, Ladi Balogun, said: “We continue to leverage our unique group structure to build a technology-driven ecosystem that fosters inclusive and sustainable growth in the communities we serve. This strategy enables us to deliver robust performance despite the challenging domestic and global environment. Barring unforeseen circumstances, we believe this performance trend will continue.”

Also, deposits grew by 25.3 per cent to N1.8 trillion from N1.5 trillion; loans and advances increased by 22.5 per cent from N967.5 billion to N1.2 trillion, and assets under management surged 48.2 per cent from N510 billion to N756 billion. So, total assets stood at N2.9 trillion against N2.4 trillion in September 2021.

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