FCMB Grows Profit by 107% in Nine Months

By Modupe Gbadeyanka

The much-awaited financial statements of First Bank Monument Bank (FCMB) Plc for the first nine months of 2018 were finally released on Thursday, with the company shocking many observers with an impressive performance.

Many had thought the lender was buying time because of a negative performance, but when the financial scorecard was released to the Nigerian Stock Exchange (NSE) yesterday, it took many by surprise.

For example, the profit after tax posted by the bank appreciated by 107.38 percent to N11.341 billion from N5.469 billion recorded in the corresponding period of 2017, while the profit before tax rose by 115.85 percent to N14.767 billion from N6.841 billion.

In a similar note, the gross earnings went up to N132.875 billion in the period under review from N118.816 billion 12 months earlier, representing a growth of 11.83 percent.

Under the considered period, the firm’s net fee and commission income increased to N15.460 billion from N11.738 billion, while the net trading income closed at N4.581 billion against N1.726 billion in the same period of last year.

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