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Tuesday, March 28, 2023

FCMB Profit Jumps 13 % on Higher Interest Income, Other Revenues

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Tier-2 Nigerian lender FCMB, has reported full year 2020 earnings showing a 13 percent increase in net income to N19.6 billion, compared to the earlier period.

The increase came largely as a result of higher revenues from interest income and dividends from unquoted equity securities.

Interest income rose to N151 billion in the period from N137.4 billion, while dividend income increased to N10.5 billion from N4 billion earlier.

FCMB however saw a sizable jump in its impairment losses on financial instruments, which increased by 62.7 percent to N22.3 billion.

FCMB stock has returned a healthy 115 percent in the past year for a market capitaslisation of N59 billion.

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