FCMB’s 9-month profit up by 29%, boosted by higher turnover

FCMB’s 9-month profit up by 29%, boosted by higher turnover

FCMB Group Plc said its after-tax profit for the 9-month period to September grew by 29%, relative to the same period of last year as improvement in gross earnings strengthened gains.

The tier-2 lender disclosed in its interim financial statements for the period under review, obtained from the Nigerian Stock Exchange (NSE) website on Monday that gross earnings scaled up by 7.8% from N135.824 billion to N146.426 billion.

Net interest income jumped by 21.4% to N68.053 billion from N56.061 billion.

However, net fee and commission income declined, moving from N15.308 billion down to N14.910 billion, implying a 2.6% dip.

Profit before minimum tax and income tax advanced by 23.8% to N15.850 billion, up from N12.803 billion.

Profit for the period climbed from N10.791 billion to N13.903 billion, an improvement of 28.8% over what was reported in the corresponding period of 2019.

On the expenditure side, impairment losses on financial instruments worsened by 70%, rising from N7.852 billion to N13.342 billion.

Similarly, other operating expenses increased from N13.218 billion to N16.175 billion, meaning a 22.4% increase.

Shareholders’ fund lifted from N130.062 billion to N214.832 billion.

FCMB’s earnings per share are N1.05 while its price-to-earnings ratio is 3.09. The lender’s outstanding shares total 19.8 billion.

Shares in FCMB closed trade on the NSE on Friday at N3.25 per share.

CATEGORIES
Share This

COMMENTS

Wordpress (0)
Disqus (0 )