By Philemon Adedeji
FCMB Group Plc’s has released its unaudited financial results for the period ended September 30th, 2022, reporting gross earnings which grew significantly by 33.85 per cent year-on-year (Y-o-Y) to N200.067 billion in third quarter (Q3) of 2022 from N149.467 billion achieved in third quarter (Q3) of 2021
This was despite a high inflationary environment and currency devaluation which the economy continues to battle.
The company noted that the revenue growth was driven by loans & advances to customers 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.
From the released statement on the Nigerian Exchange Limited (NGX), The group recorded strong growth in profit before tax from N15.741 billion in 2021 to N26.504 billion in 2022, reflecting a growth of 68.37 per cent, while Profit after Tax grew by 66.03 per cent to N22.920 billion in 2022 from N13.804 billion in 2021.
Net interest income rose by 42.31 per cent to N93.055 billion from N65.391 billion in 2021 while Net impairment loss on financial instruments grew by 292 per cent to N18.704 billion from N4.765 billion in 2021.
Other operating expenses grew by 4 per cent to N21.210 billion from N20.388 billion in 2021.
The group balance sheet is well structured which surged by 17.7 per cent to N2.934 billion in nine months of 2022 from N2.493 billion achieved as of end of December 2021.