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First City Monument Bank (FCMB) Plc reported a rise in net interest income in the first quarter (Q1), which helped boost profit by 209.68 percent to N28.77 billion as at March 2024 from N9.29 billion the previous year.
FCMB benefitted from a high interest rate environment as its net interest income (NII) spiked by 74.53 percent to N55.38 billion as at March 2024 from N31.73 billion as at March 2023.
The Central Bank of Nigeria (CBN) has hiked interest rate to 24.75 percent as it battles sky-high inflation and currency crisis that have undermined economic growth.
It is important to note the country (Naira)Â plunged by around 70 percent against the U.S. dollar over the course of a year, hitting an all-time low of around 1,600 to the dollar in late February; however, the injection of liquidity of into the FX market and the clamp down on some speculators have helped the currency rebound slightly.
The Naira now trades at between N1, 360 and N1, 400 to the U.S dollar. FCMB anticipates continued improvement in its profitability ratios, efficiency ratios, and regulatory ratios supported by organic loan book growth, business digitization and cost optimization.
The small and mid-sized lender adds that it continues to maintain strong liquidity and capital buffers to support growth in loan disbursement, customer acquisition and funding optimization.
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