FCMB Group Plc at the weekend released its second quarter financial results for the period ended June 30, 2017 as its profit after tax grew by 89.67 per cent.
The financial institution’s results released on the Nigerian Stock Exchange (NSE) showed profit after tax appreciated to N5.73 billion, compared to N3.02 billion recorded in first half of the year (H1) 2017, while earnings per share rose by 90 per cent to 57 kobo for the period ended June 2018 as against earnings of 30 kobo reported for the comparative period in 2017.
The group reported Gross earnings of N83.92 billion for the period ended June 2018 compared to N77.51 billion reported for the period ended June 2017. This represents an eight per cent increase for the comparative period in 2017.
A further analysis of the results showed that net interest income increased to N35.27 billion, from N32.5 billion, while other income fell from N4.23 billion in 2017 to N2.69 billion in 2018. Net impairment loss on financial assets also reduced from N9.97 billion to N7.33 billion.
But in demonstration of the enhanced confidence of customers in FCMB, deposits from customers grew to N721.29 billion in H1, 2018 from N689.86 billion in H1, 2017, while loans and advances declined to N585.98 billion as against N649.8 billion in 2017.
The Group’s total asset improved by 4.35 per cent to N1.23 trillion as against N1.12 trillion, while total liabilities up to N1.05 trillion from N996.92 billion.
Recently at the company’s annual general meeting, group chief executive of FCMB Group, Mr. Ladi Balogun, said the group’s performance was an improvement over the previous year in spite of the reduction in headline numbers, saying that the key drivers of the group’s performance included increase in income from non-banking activities, lower impairment charges from the bank and its subsidiaries and improved operating efficiencies through more pervasive use of technology.
He assured that the company’s successful acquisition of majority stake in Legacy Pension Managers would go a long way in helping to achieve further diversification and earnings within the FCMB Group.