First City Monument Bank (FCMB) Group Plc has proven it can turn assets into profit, which makes investors want to add the lender to their portfolio.
The average return on equity (ROAE) increased to 20.18 percent in September 2023 from 18.92 percent as at September 2022, according to MoneyCentral calculations.
Return on Equity or ROE helps investors understand if a firm’s executives are creating assets with investors’ cash or burning it. ROE shows a company’s ability to turn assets into profits. Put another way, this vital metric measures the profits made for each dollar of shareholder equity.
Investors have rewarded FCMB Group for clinging onto consistent earnings growth as year-to-date returns stood at 80.52 percent, outperforming the NGXASI index gains of 39.09 percent in the same period.
With a price to earnings multiple of 2.12, FCMB Group is one of the most attractive banking stocks money can buy.
During the second quarter, 0ver 340k customers were acquired driven by increased cross-selling of digital products across payments, lending and wealth management.
The bank has been making a lot of money from its digital platforms, thanks to investment in the latest technology that paves the way for customers to carry out transactions seamlessly.
FCMB Group posted record profit of N49.15 billion in the first nine months of 2023, which represents a 114.41 percent increase from 2022’s N22.92 billion.
Interest income on loans and advances were up 55.14 percent to N239.05 billion in September 2o23 from N154.08 billion as at September 2o22.
The bank’s four operational platforms (Banking, Consumer Finance and Investment Banking) are exhibiting resilient profit growth, as it continues to build a supportive ecosystem that connects people and the capital market.
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