FCMB Group PLC: Impressive performance in gross earnings, drive profit

By Philemon Adedeji

FCMB Group plc, a full-service banking institution that provides  market-proven solutions that drive digital transformation in  bank has been maintaining growth trajectory in various measures

FCMB Group recorded profitability in most of the parameters. For its unaudited financial results for the period ended 30th June 2022 released, announced an impressive performance in gross earnings seen on upward trajectory.

The bank recorded a 33.9 per cent increase in gross earnings, this signifies that the rate of sale in half year (H1) 2022 grew more than the rate of sale in half year (H1) 2021.

It is worth noting that 33.9 per cent growth rate in gross earnings can be recognised as a good performance when contrasting with the bank average for the same period under review.

Obviously, Profit After Tax (PAT) reported by the group increased to a 80.8 per cent to N13.7 billion in its  (H1) unaudited results for the period ended June 30th, 2022 compared to N7.6 billion reported in the corresponding year.

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.

Its unaudited results announced on the floor of Nigerian Exchange Limited (NGX) revealed net fee and commission income grew by 31.5 per cent to N17.001 billion in the half year H1 2022 from N12.933 billion derived in the corresponding year 2021

Another top-line performance in the unaudited financial statement ended 30th June, net interest income which gained a 39.9 per cent to N60.167 billion in the half year H1 2022 from N42.997 billion in half year 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 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.