FCMB Grows 2019 Profit to N17.7bn, Earnings to N186.7bn
By Dipo Olowookere
The board of FCMB released the company’s financial statements for the year ended December 31, 2019 and from the brief analysis by Business Post, the numbers were impressive, going by the tight policies of its regulator, the Central Bank of Nigeria (CBN) in the second half of the fiscal year.
According to the results, the gross earnings of the tier-two lender rose to N186.7 billion from N177.3 billion in the same period of 2018, with interest income rising to N141.3 billion from N131.7 billion and the net interest income jumping to n77.3 billion from N72.6 billion.
Furthermore, the company raked N29.8 billion in FY 2019 from fee and commission income versus N28.0 billion in FY 2018, while the fee and commission expense increased to N9.1 billion from N6.4 billion, leaving the net fee and commission income at N20.8 billion in contrast to N21.6 billion in the corresponding period of 2018.
Also, the net trading income rose to N6.9 billion from N6.2 billion, while the other income went down to N8.6 billion from N11.8 billion.
In the 2019 financial year, FCMB said its personnel expenses increased to N29.6 billion from N25.9 billion in 2018 fiscal year, while general and administrative expenses gulped N32.0 billion, higher than N29.7 billion spent on the same purpose 12 months earlier.
The financial institution said its pre-tax profit increased to N20.0 billion from N18.4 billion, while the post-tax profit rose to N17.7 billion from N15.0 billion.
In the period under consideration, the earnings per share (EPS) improved to 89 kobo from 75 kobo just as the deposits from customers rose to N953.8 billion from N821.8 billion, with borrowings rising to N133.3 billion from N108.7 billion.