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Friday, March 24, 2023

FCMB on Growth Path as Profit Hits Seven Year High

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First City Monument Bank or FCMB Group Plc is on the path of growth overcoming two economic recession as the lender’s profit hit a seven year high and an inch to equaling 2015 highs.

The midsized lender saw net income increase by 44.53 percent to N5.16 billion as at March 2022, and that is shy of N5.27 billion posted in 2015.

Return on average equity (ROAE) rose to 8.30 percent in March 2022 from 8.30 percent the previous year.

The uptick in profit was buoyed by an improvement in interest income as FCMB created risk assets and loans while a benign yield environment strengthened income from treasury yields.

Interest income on loans and advances increased by 39.87 percent to N46.69 billion in March 2022.

Net interest income, the difference between the revenue generated from a bank’s interest-bearing assets and the expenses associated with paying its interest-bearing liabilities, was up 52.59 percent to N18.54 billion as at March 2021.

The lender is intensifying its mobile and digital banking strategy with a view to deepening financial inclusion.

Total deposit increased by 1.21 per cent to N1.57 trillion from N1.1.55 trillion in the previous year.

Despite the stellar performance by some lenders that have so far released results, the outlook is bleak because they operate in a punitive regulatory environment and sluggish economic growth.

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