FCMB Group Plc for the half year ended June 30, 2020, the Group’s profit before tax (PBT) rose by 26% to close at N11.1bn compared to N8.8bn in the corresponding period in 2019. Profit after tax also increased by 29% Year-on-Year to N9.7 billion.
The result released by the company translates to a return on average equity (RoAE) of 9.4% and earnings per share of 49 kobo, a Year-on-Year improvement of 16% and 29%, respectively.
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FCMB Group is a holding company divided along three business groups; Commercial and Retail Banking, Corporate & Investment Banking as well as Investment Management.
The half year results also showed that the Group recorded an increase in gross revenue by 9% to N98.2 billion as against N89.8bn for the same period last year.
The Group’s loans and advances grew by 29% Year-on-Year and 4% Quarter-on-Quarter to N794.6 billion. Customer deposits also went up by 28% Year-on-Year and 11% Quarter-on-Quarter to N1.1 trillion in June 2020, implying a significant increase in confidence in the institution.
It’s total assets surged upward by 31% Year-on-Year and 4% Quarter-on-Quarter to N1.97 trillion as at June 2020. The Group’s capital adequacy ratio stood at 17.3%, which is above the minimum requirement set by the Central Bank of Nigeria. Liquidity ratio was 32.2%.
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