FCMB Group Plc, a financial holding company and the parent company of First City Monument Bank Limited, the group holds controlling shares in First City Monument Bank Limited (100%), FCMB Capital Markets Limited (100%), CSL Stockbrokers Limited (100%), FCMB Trustees Limited (formerly CSL Trustees Limited) (100%), FCMB Microfinance Bank Limited (100%), FCMB Pensions Limited (91.64%) and Credit Direct Limited (100%).
The FCMB Group has recently released its half-year ended June 2020 unaudited result to the public. The result of the Nigerian tier-2 lender shows a 16 percent Year-on-Year (YonY) rise in Profit After Tax (PAT) to N8.7 billion from N7.5 billion.
Analysis of the result revealed that the growth in the half-year 2020 profit of the bank was induced by a 17 percent rise in Net Interest Income (Induced by an 11% growth in earning Assets) and 11 percent growth in Trading Income. With a 150% increase in Other Revenue also helping to boost the bank’s bottom lines.
Here are the other highlights of the H1 2020 results published by FCMBPlc
- Gross earnings up 9% Year-on-Year (YonY) to N98.18 billion from N89.79 billion.
- The net-interest income of N45.38 billion, up 17% YoY, Jun 2019: N38.65billion
- Net Fees and Other Commission Income down by 4% to N9.69 billion YonY
- Trading Income up by 11% to N3.93 billion YonY from N3.54 billion
- Other Revenue up by 15% YonY to N3.66 billion from N1.46 billion
Staff Cost up by 1% YonY to N14.15 billion
- The net Impairment charge for credit losses of N7.74 billion, up 41% YonY, Jun 2019: N5.49 billion
- Profit Before Tax up 26% YonY to N11.07 billion from N8.81 billion
- Profit After Tax for the period up 16% YonY to N8.7billion from N7.5billion
Statement of Financial Position
- Total Assets up 18% year to date (YTD) to N1.97 trillion from N1.67 trillion
- Loans and Advances to customers up 11% YTD to N794.6 billion from N715.9 billion
- Deposits from customers up 18% YTD to N1.11 trillion from N0.94 trillion
- Total equity up 7% in 6 months to N214.5 billion from N200.7 billion
The Balance Sheet size of FCMB group Plc also had 6 months of impressive growth for the period ended 30 June 2020. Total Assets grew 18% to N1.97 trillion in June 2020 from N1.67 trillion in December 2019. Customer Loan and Advances grew by 11% in the 6 months period.
Customer Deposit also had an impressive 18% growth to N1.11 trillion. Owner’s Equity grew by 7% YTD June 2020.