FCMB Group sustains growth, profit rises to N6b

FCMB Group Plc sustained its profitable growth trajectory, recording an impressive 42 per cent increase in profit before tax (PBT) at the end of March 2022. It is a significant jump to N6 billion from the N4.2 billion recorded in the same period in 2021.

Also, profit after tax (PAT) was up by 45 per cent year-on-year to N5.2 billion from N3.6 billion in 2021. Solid growth across all businesses supported this performance.

The three-month results also showed a significant leap in gross revenue by 34 per cent to N58.3 billion, from N43.5 billion for the same period last year.

Net interest income also followed the same path as this grew by 33 per cent YoY to N28.1 billion from N21.2 billion for the first quarter of 2021.

In addition, non-interest income rose to N9 billion at the end of March 2022 from N8.2 billion for the same period in 2021. Gross fees and commissions income increased 34 per cent YoY, driven by an increase in service fees and commissions while trading income also jumped by 63 per cent YoY resulting from higher volumes of fixed income instrument trades.