FCMB Group announces 80.8% growth rate in PAT to N13.7bn

By Philemon Adedeji

FCMB Group plc has reported 80.8 per cent growth rate in Profit After Tax (PAT) to N13.7 billion in its half year (H1) unaudited results for the period ended June 30th, 2022 compared to N7.6 billion reported in the corresponding period.

The financial institution listed on the Nigerian Exchange Limited (NGX), also grew its profit before tax by 73.1 per cent to N15.428 billion in H1 2022 from N8.910 billion in H1 2021.

The group unaudited result showed gross earnings of N126.224 billion achieved in H1 2022 from N94.228 billion achieved in H1 2021.

Earnings per share recorded by the group during the period under review rose significantly to N0.69 in H1 2022 compared to N0.38 reported in H1 2021, representing  a growth of  81.6 per cent.

From the balance sheet position, FCMB emerged with stronger total assets amid growth in total liabilities emerged in impressive performance

The group total assets increased to of N2.652 billion as of June 30th, 2022 N2.493 billion recorded in full year ended December 31st  2021.

The results also revealed 6.6 per cent increase in total liabilities to N2.399 billion as of June 2022 from N2.249 billion achieved in 2021 financial year.

The rate at which the bank offer loans and advances to customers increased by 5.4 per cent to N1.120 trillion offered as of June 30, 2022 from N1.063 trillion in 2021.