FCMB Group profit grows by 206%, deposits hit N261.89bn

The First City Monument Bank (FCMB) Group has reported a 206.86 percent increase in its profit for the financial year ended December 2023 to N95.52bn.

This was revealed in the unaudited annual report and financial statements filed in the corporate disclosure of the Nigerian Exchange Limited on Friday.

According to the results filed, FCMB’s profit was boosted by increases in interest and discount income to N355.68bn and fees and commission income to N60.78bn.

The Bank also recorded a 82.62 percent increase in gross earnings for the period under review, which stood at N516.79bn.

The balance sheet of the financial institution was also in the green zone as total assets rose by 47.87 percent to N4.411tn from N2.983tn in the prior year and liabilities went up by 45.92 percent to N3.95tn.

Cash and bank balances appreciated by 122.40 percent to N550.41bn, and loans and advances to customers stood at N1.84tn, signally a 53.52 percent increase.

Deposits from banks rose by 110.58 percent to N261.89bn from N124.37bn and deposits from customers appreciated by 58.91 percent to N3.09tn from N1.944tn.

The equities of the bank also closed the 2023 trading at N7.40  per unit and stood at N11.10 each at the close of trading on Friday, posting a year-to-date gain of about 50 per cent.