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FCMB records N11.1bn six-month profit

FCMB Group Plc has said the group’s profit before tax rose by 26 per cent to N11.1bn in the first six months ended June 30, 2020, compared to N8.8bn in the corresponding period in 2019.

It said this in a statement on, “FCMB Group records impressive half year results as profit before tax rose by 26 per cent to N11.1bn,” on Tuesday.

Profit after tax increased by 29 per cent year-on-year to N9.7bn; this translated to a return on average equity of 9.4 per cent and earnings per share of 49 kobo, a Y-on-Y improvement of 16 per cent and 29 per cent, respectively.

It stated that FCMB Group is a holding company divided along three business groups; commercial and retail banking (First City Monument Bank Limited, Credit Direct Limited, FCMB (UK) Limited and FCMB Microfinance Bank Limited).

The statement said it has the corporate & investment banking (the Corporate Banking Division of the Bank, FCMB Capital Markets Limited and CSL Stockbrokers Limited).

It said it also has the asset & wealth management arms (FCMB Pensions Limited, FCMB Asset Management Limited and FCMB Trustees Limited).

FCMB said, “The half year results also showed that the group recorded an increase in gross revenue by nine per cent to N98.2bn as against N89.8bn for the same period last year.

“Net interest income equally rose by 17 per cent for the first half of 2020 to N45.4bn from N38.7bn posted in the first half of 2019, while non-interest income stood at N17.5bn, an increase of 14 per cent compared to N15.3bn within the six months period last year.”

The statement said, the financial institution intensified the tempo of its strong commitment and support to the growth of businesses and the Nigerian economy in general.

For example, it added, loans and advances grew by 29 per cent Y-on-Y and four per cent quarter-on-quarter to N794.6bn.

Customer deposits went up by 28 per cent Y-on-Y and 11 per cent Quarter-on-Quarter to N1.1tn in June 2020, implying a significant increase in confidence in the institution.

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