Dipo Olowookere
By Dipo Olowookere
The financial results of FCMB Plc for the year ended December 31, 2018 have been released and from the analysis, the bank recorded an impressive performance.
Business Post reports that the gross earnings of the company increased from N169.9 billion in 2017 to N177.3 billion, while the net interest income appreciated to N72.6 billion from N70.5 billion, with the net trading income significantly rising to N6.2 billion from N2.4 billion.
During the year, fee and commission income brought N28 billion into the purse of the bank against N21.6 billion realized in the previous financial year.
Also, the net fee and commission income rose to N21.6 billion from N16.2 billion, but the amount generated from other income went down to N11.8 billion from N13.4 billion.
In the financial statements, FCMB spent N25.9 billion on personnel expenses compared with N23.4 billion a year earlier, while general and administrative expenses went up to N29.7 billion from N26.1 billion.
In the year, FCMB recorded a profit before tax of N18.4 billion against N10.7 billion in 2017, while the profit after tax rose to N15 billion from N8.6 billion, with the earnings per share increasing to 75 kobo from 43 kobo per share.
As a result of the performance, the board of directors of FCMB has recommended a cash dividend of 14 kobo per share to shareholders, higher than the 10 kobo paid in 2017.
