FCMB Posts Gross earnings of N44bn in 3 Months

By Dipo Olowookere

On Friday, April 26, 2019, FCMB Plc released its financial statements for the period ended March 31, 2019 to the Nigerian Stock Exchange (NSE).

The lender posted a gross earnings of N43.9 billion in the period under consideration versus N42.2 billion in the same time of last year.

Also, the interest and discount income rose to N34.5 billion from N32.7 billion, while the net interest and discount income closed at N18.6 billion against N17.8 billion after the reduction of N15.8 billion from the figure for interest expense, higher than N14.9 billion of Q1 2018.

It was further stated that N6.8 billion was generated from fee and commission income, higher than N6.3 billion a year earlier.

For the net trading income, this grew to N2.2 billion from N1.8 billion, while the net fee and commission income appreciated to N5 billion from N4.8 billion,

The company further stated that its personnel expenses increased to N7.1 billion from N6 billion, the other operating expenses expanded to N4.6 billion from N4 billion, while the general and administrative expenses rose to N6.7 billion from N6.4 billion.

In the period under review, FCMB declared a profit before tax of N4.3 billion in contrast to N3.3 billion in same period of 2018, while the profit after tax increased to N3.6 billion from N2.6 billion, with the earnings per share growing to 18 kobo from 13 kobo.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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