FCMB’s FY 2022 profit increases by 55.8% to N32.6 billion

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.