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FCMB Group reports N94.2bn revenue in H1

FCMB Group Plc has reported gross revenue of N94.2 billion and profit before tax of N8.9bn for the half-year ended June 30, 2021. It said…

FCMB Group Plc has reported gross revenue of N94.2 billion and profit before tax of N8.9bn for the half-year ended June 30, 2021.

It said in a statement that these were the highlights of the Group’s unaudited results for half-year released on the floor of the Nigerian Exchange (NGX) floor on Wednesday in Lagos.

Other performance indicators showed an increase in non-interest income to N17.9bn from N17.5bn in the corresponding period of 2020. Loans and advances grew by 15 percent Year-on-Year and 3% Quarter-on-Quarter to N916.7bn in June 2021.

It said deposits were up by 21% Year-on-Year and 1% Quarter-on-Quarter to N1.3 trillion within the six months of this year, while total assets increased by 14% Year-on-Year and 4% Quarter-on-Quarter to N2.24tr.

Assets Under Management (AUM) grew impressively by 10% Year-on-Year to N500bn in June 2021.

“Key prudential and soundness ratios, including liquidity ratio of 35.7% and capital adequacy of 15.9%, continue to hold up to further, prove the resilience of FCMB Group despite the challenging business and the regulatory environment in the financial industry,” it stated.

A purpose beyond profit commercial banking institution, First City Monument Bank is a member of FCMB Group Plc, led by Ladi Balogun as Group Chief Executive.