FCMB Group Plc has released its unaudited annual report and financial statements for FY 2023.
The group recorded gross earnings of N516.8 billion during the year, representing an 82.6% growth from FY 2022.
The group enjoyed increased interest income, as it recorded a net interest income of N177.42 billion in 2023, representing a 45.4% growth from 2022.
It also reported a pre-tax profit of N101.46 billion in FY 2023, representing a 177.4% growth from 2022.
In terms of net income, FCMB Group reported a 206.9% growth as it posted a net income of N95.52 billion in 2023, from N31.13 billion recorded in 2022.
The group recorded a total comprehensive income of N145.69 billion in 2023, on the back of a N26.52 billion gain accrued from foreign currency translation differences.
Key Highlights: FY 2023 (FY 2022, YoY % Change)
- Gross earnings: N516.79 billion (N282.98 billion, +82.6%)
- Interest and discount income: N355.68 billion (N219.55 billion, +62.0%)
- Interest expense: N178.25 billion (N97.55 billion, +82.7%)
- Net interest income: N177.42 billion (N121.98 billion, +45.4%)
- Fee and commission income: N60.78 billion (N44.04 billion, +38.0%)
- Fee and commission expense: N16.35 billion (N10.02 billion, +63.1%)
- Net fee and commission income: N44.43 billion (N34.01 billion, +30.6%)
- Profit before minimum tax and income tax: N101.46 billion (N36.57 billion, +177.4%)
- Profit for the period: N95.52 billion (N31.13 billion, +206.9%)
- Foreign currency translation differences: N26.52 billion (N1.59 billion, +1571.8%)
- Total comprehensive income: N145.69 billion (N35.86 billion, +306.3%)
- Earnings per share: N4.82 (N1.56, +209.0%)
- Total assets: N4.41 trillion (N2.98 trillion, +47.9%)
- Total Equity: N460.74 trillion (N275.88 billion, +67.0%)
- Net impairment losses: N66.28 billion (N24.97 billion, +165.5%)
What you should know
The group recorded a trading income of N11.09 billion on FGN bonds in 2023, representing a 98.3% increase from 2022.
The group also recorded a N4.32 billion trading loss on treasury bills, marking a 165.4% decrease from the N6.60 billion profit recorded in 2022.
The group recorded a foreign exchange gain of N84.25 billion in FY 2023, which was a whopping 1860% increase from the N4.30 billion foreign exchange gain recorded in FY 2022.
In the fiscal year 2023, FCMB Group significantly augmented its portfolio in securities assets, reaching a total of N478.23 billion. This figure marks a notable surge of 86.9% compared to the N255.87 billion recorded in the previous year, 2022.
Notably, the lion’s share of this investment was directed towards Federal Government of Nigeria (FGN) bonds, amounting to N380.27 billion. This represents a substantial increase of 94.6% when compared to the N195.37 billion allocated to FGN bonds by the group in the fiscal year 2022
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