FCMB Group Plc has released its annual report and financial statements for the full-year ending 31st December 2022.
The company’s profit for the year rose by 55.8% to N32.59 billion from the N20.92 billion in the previous year.
The summary of the report is as follows:
Gross Earnings
2022 FY: N281.75 billion
2021 FY: N212.01 billion
Change: +32.9%
Net interest income
2022 FY: N120.408 billion
2021 FY: N90.913 billion
Change: +32.4%
Result from Operating Profit
2022 FY: N37.105 billion
2021 FY: N22.621 billion
Change: +64%
Pre-tax profit
2022 FY: N37.105 billion
2021 FY: N22.716 billion
Change: +63.3%
Profit for the year
2022 FY: N32.591 billion
2021 FY: N20.916 billion
Change: +55.8%
Earnings per share
2022 FY: N1.64
2021 FY: N1.05
Change: +56.2%
Bottomline
The growth in pre-tax profits was due to the increase in revenue gross earnings for the period amid inflation. Interest and discount income stood at N217.99 billion, driven by cash and cash equivalents, loans and advances to customers, investment securities and amortization cost as well as Investment securities at FVOCI.
