FCMB Group projects N79.34bn gross earnings for Q1 2023

FCMB Group Plc  have said it is targeting to achieve N79.34 billion gross earnings during the first quarter (Q1) of 2023.

This is contained in its Q1 2023 earnings forecast released via the Nigerian Exchange (NGX).

The group also projected to rake in N63.82 billion in interest income. Targets for Profits Before Tax (PBT) and Profit After Tax (PAT) were put at N9.58 billion and N8.48 billion, respectively.

While the projection for interest expenses stood at N31.14 billion, forecasted taxation for the period was put at N1.1 billion.

FCMB Group Plc’s gross earnings for the nine months ended September 30. 2022 grew by 33.85 per cent y-o-y to N200.067 billion from N149.467 billion reflecting the increase in loans and advances and supported by the higher interest rate environment.

Interest income grew by +33.12 per cent y-o-y benefitting from strong loan growth and a higher yield environment to N154.083 billion from N115.750 billion in 2021.

Interest income from loans and advances to customers grew by 24.09 per cent to N123.013 billion in 2022 from N99.132 billion in 2021. The income from loans and advances had a 79.83 per cent contribution to the interest income for the period.

Fees and commission income grew to N34.587 billion in the third quarter of 2022 from N25.622 billion in 2021 on the back of a rise in credit-related fees and income, electronic banking income, and trade transaction income amongst others.

The bank recorded strong growth in Profit Before Tax from N15.741 billion in 2021 to N26.504 billion in 2022, a growth of 68.37 per cent.