FCMB Group posts N48.3 billion revenue in Q3 2020

FCMB Group plc has posted a revenue of N48.3 billion for the third quarter of 2020 (Q3, 2020), as Year-To-Date earnings appreciates by +7.8% to hit N146.43 billion as at September 2020.

This is according to the latest financials of the group sent to the Nigerian Stock Exchange Market today.

Key highlights of Q3 2020 results are:

• Gross earnings increased to N48.3billion, +4.8% Y-o-Y.
• Pre-tax profit increased to N4.8billion, +10.2% Y-o-Y.
• Profit After Tax (PAT) grew to N4.2billion, +16.4% Y-o-Y.
• Net interest income grew to N22.7billion, +30.03% Y-o-Y.
• Net fee and commission income increased to N5.2billion, +0.29% Y-o-Y.
• Net trading income grew to N1.82billion, +39.4% Y-o-Y.
• Personnel expenses declined to N6.9billion, -7.9% Y-o-Y.
• General and administrative expenses declined to N7.6billion, -7.52% Y-o-Y.
• Earning Per Share increased to N0.21, +16.7% Y-o-Y.
• Between December 2019 and September 2020, loans and advances to customers grew to N793.14 billion, +10.8%
• Total assets between the period under view also grew to N2.04 trillion, +22.12%
• Deposits from customers between December 2019 and September 2020 crossed the trillion mark, as it hits N1.2 trillion, indicating a gain of +26.7% within the period under view.

Bottom Line

The bank posted impressive growth across key financial metrics, with major income yielding components increasing over time, coupled with a drastic reduction in expenditure items. This reflected in the growth recorded both in the pre and post tax profit levels.