FCMB Group Plc released its unaudited results for the nine months period ended 30th of September, 2021.
According to the results filed with the Nigerian Exchange Limited (NGX), the Group posted a bottom line of N13.8 billion, as earnings per share printed 70 kobo during the period under review.
Key highlights of the result
- Gross revenue grew marginally by 2% Y-o-Y to N149.4 billion, as against N146.4 billion recorded in the same period of last year.
- Net interest income declined by 4% Y-o-Y to N65.4 billion, compared to N68.1 billion recorded in the corresponding period of last year. The decline was significantly impacted by a decrease in the Net Interest Margin of the bank, which dropped to 6.9% from 7.6% recorded last year.
- Non-interest income rose by 17.3% Y-o-Y to N31.7 billion from N27 billion recorded in the same period of last year. The growth in the Non-interest income was driven by the surge recorded in digital banking fees (+50% Y-o-Y), as more customers were migrated to alternate channels.
- Operating expenses rose by 11% Y-o-Y to N73.2 billion. The increase was largely due to increased regulatory costs which accounted for 44% of total cost growth.
- Net impairment loss on financial assets decreased by 39.4% Y-o-Y to N8.1 billion.
- Profit after tax dropped slightly by less than 1% Y-o-Y to N13.8 billion during the period under review. However, on a quarterly basis, the group recorded a 57% surge in its bottom line to N6.2 billion from N4 billion recorded in Q2 2021.
- Loans and advances grew by 22% Y-o-Y to N967.6 billion.
- Customers deposits rose by 18% Y-o-Y to N1.4 trillion.
- Total assets increased by 19% Y-o-Y to N2.42 trillion.
- Earnings per share printed 70 kobo.
About FCMB Group Plc
FCMB Group Plc is a bank-led financial services group, headquartered in Lagos, Nigeria, with operating companies divided along three business groups; Commercial and Retail Banking, Corporate & Investment Banking and Investment Management. As of press time, the group has an outstanding 19,802,710,781 ordinary shares held by over 516,000 shareholders.
How come the result is still unaudited (considering the group’s notice of delay due to interim audit)?