First City Monumental Bank has posted N5.2 billion as profit for the first quarter of the year. The amount is a 45% jump from the N3.6 billion the bank reported in the previous year.
The revenue growth was driven by an increase in the bank’s gross earnings by a whopping 34% as well as an increase in other income recorded for the period. The record high was in the face of inflation which recorded 15.6%, 15.7% and 15.92% in the first 3 months of 2022.
Analysis shows that the bank also spent more on personnel expenses, administrative expenses and other operating expenses during the period, reflected in the profit before minimum tax as it was valued at N6 billion.
Key highlights of the report
- Gross earnings for the period was valued at N58 billion the period under review, a 34% high from the N43 billion for the same purpose in the same period of last year.
- Interest and discount income recorded N47 billion from N33 billion in first-quarter 2022 while interest expenses was N19 billion from N12billion in the first quarter of 2022, leading to a net interest income of N28 billion from N21 billion in the first quarter of 2021.
- Net fee and commission income saw an upward trend to N10 billion in the first three months from N7.7 billion in the same period last year while the fee and commission expenses was valued at N2.6 billion at the beginning quarter of this year from N2 billion last year. This caused a spike in the value recorded for net fee and commission income to N7.6 billion from N5.6 billion.
- The net trading income was N2.5 billion in the first months of this year from N1.5 billion, depicting a 63% rise.
- Other revenue was up to value at N1.4 billion in the first months of 2022 from N0.8 billion.
- Other income spiked significantly by 135% to N4.1 billion this year from N1.8 billion last year.
- Personnel expenses was valued at N7.6 billion from N7.1 billion last year, suggesting that the bank paid more to its staff in the first quarter
- General and administrative expenses amounted to N9.7 billion from N8 billion same period last year.
- Other operating expenses was up from N6.4 billion in the first quarter of 2021 to N7.5 billion during the same period this year.
- Total assets as of 31st March 2022 was N2.4 trillion in the first quarter this year, a slight dip from N2.49 billion last year.
What you should know
- FCMB last traded at N3.62 as of 26th April 2022 while its market capitalization was valued at N71 billion.
- The bank declared a final dividend of N0.20k in 2021 while its earnings per share in Q1 is 0.26 in Q1 2022.
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