FCMB Group Plc posted a pre-tax profit of N55.1 billion in the nine months ending September 2023, marking a year-on-year growth of 108% from the corresponding period in 2022.
During Q3 2023, the group achieved a pre-tax profit of N16.9 billion, representing a 52.7% year-on-year growth from the same quarter in 2022.
In the nine months, the group achieved a profit after tax of N49.15 billion, representing a YoY growth of 114.4% from the corresponding period in 2022.
Key Highlights Q3 2023 vs Q3 2022
- Net interest income: N48.16 billion, +46.42% YoY
- Net fee and commission income: N9.26 billion, -8.94% YoY
- Net trading income: N1.12 billion, -54.05% YoY
- Net impairment losses on financial instruments: N9.91 billion, +23.72% YoY
- Personnel expenses: N12.85 billion, +52.56% YoY
- General and administrative expenses: N16.11 billion, +33.23% YoY
- Profit before taxation: N16.91 billion, +52.68% YoY
- Profit for the period: N13.74 billion, +48.44% YoY
- Total assets: N3.88 trillion, +30.03% YTD
- Return on Equity: 15.13% (Q3 2023)
Insights
FCMB Group’s financial performance in the nine months of 2023 is reflective of the remarkable performances Nigerian banks have put up within the same period. However, the group’s return on equity of 15.1% ranks it lowly among the banks.
Year-on-year, the group’s loan position increased by 34.3% to N1.19 trillion within the nine months, while its customer deposits grew by 39.1% year-on-year to N2.53 trillion within the same period.