First City Monument bank (FCMB), a tier-2 Nigerian lender leaned on trading income to help boost profit in 2024, after sluggish growth in interest and fee income.
While net trading income rose an eye-popping 568% to N60.871billion, net interest income rose by 27.66% to N225.44 billion and net fee income rose 33% to N59.11 billion.
Electronics fees and commissions actually fell by 22.86% to N13.65 billion as at 31 December 2024, compared to N17.69 billion in 2023.
The trading income FCMB booked for the period consisted of foreign exchange trading income of N19.315 billion, FGN bonds trading income of N35.653 billion and Treasury bills trading income of N5.9 billion.
Foreign exchange gains fell 63% to N30.33 billion in the period.
Foreign currency revaluation gain represents unrealised foreign gains from the revaluation of foreign currency-denominated assets and liabilities held for the year ended 31 December 2024.
FCMB earnings per share (EPS) came in at N5.45 per share, and the stock trades at a lowly price to book ratio of 0.39, compared to 0.71 for GTCO, according to Bloomberg data.
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