FCMB reports 7% increase in profit in 2021 Financial Year

By Philemon Adedeji

First City Monument Bank plc on  declared seven per cent increase in profit in its unaudited twelve months results for the period ended December 31, 2021.

The group on the Nigeria Exchange Limited(NGX) reported  net interest income of N90.5billion profit in twelve months of 2021 from N90.8billion  profit in twelve months of 2020, the profit declined to 0.3 per cent.

Also, the group reported 9.2 per cent increase in profit before tax to N23.9billion in twelve months of 2021from N21.9billion declared in twelve months of 2020.

The net fee and commission income grew from N27.9billion in twelve months of 2021 from N19.6billion in twelve months of 2020.

From the profit and loss figures, the group revenue moved from N199.4billion in twelve months of 2020 to N208.5billion in twelve months of 2021, an increase of 4.5 per cent.