FCMB Group Records 86% Increase in Half-year Profit



The FCMB Group Plc recorded a profit before tax (PBT) of N7.1 billion for the six-months ended 30 June 2018.

This represented an increase of 86 per cent from the N3.8billion it achieved for the same period in 2017.

 The bank explained that the positive development reflected the improving performance of the financial institution, as well as the effects of diversification through its investments in asset and wealth management.

From the details of its unaudited results announced on the floor of the Nigerian Stock Exchange (NSE), the Group’s gross revenue rose to N83.9 billion as at the end of June 2018, compared to N77.5billion in the corresponding period of 2017.

Similarly, net interest income rose by nine per cent year-on-year (YoY) from N32.5billion to N35.3billion, while non-interest income grew to N16.5billion, an increase of 29 per cent, from N12.8billion for the same period of last year.

The Commercial & Retail Banking group (which comprises First City Monument Bank Limited, Credit Direct Limited, FCMB (UK) Limited and FCMB Microfinance Bank Limited) generated a 32.2 per cent increase in PBT to N2.9 billion for half year 2018, from the N2.2 billion recorded at the end of first quarter 2018.

Its revenue increased 3.7 per cent year-on-year, driven by an 8.1 per cent year-on-year increase in non-interest income and an 8.7 per cent year-on-year increase in net-interest income.

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