‘Sustain impressive performance’ FCMB Group raises revenue to N212 billion following N22.7 billion increase in profit

FCMB Group Plc has increased its gross revenue to N212billion for the year ended December 31, 2021, representing a 7 per cent growth compared to N198.4 billion in 2020.

The group, also, recorded a Profit Before Tax (PBT) of N22.7billion from N21.9billion reported the prior year while Profit After Tax (PAT) also rose by 7 per cent to N20.9 billion.

The financial services group has been able to sustain impressive performance across several key areas despite the challenges of the business environment. As a result, it declared a higher dividend of 20 Kobo per share to shareholders compared to 15 Kobo

The financial results also showed enhanced customers confidence in FCMB, as deposits increased by 24 per cent to N1.6trillion from N1.3trillion in the previous year. Loans and advances grew by 29 per cent to N1.1trillion at the end of December 2021, as against N822.8 billion the previous year. In addition, the total assets of the Group rose by 21 per cent toN2.5trillion.

FCMB Group’s Assets Under Management (AUM) also sustained its growth trajectory by rising to N525.8 billion in 2021, up by 6 per cent from N495.2billion in 2020.

Net interest income grew marginally by 0.2 per cent Year-on-Year to N90.9 billion for full-year 2021 from N90.7 billion for the full year 2020. Non-interest income increased to N43.1billion last year, representing 17 per cent growth, as against N36.8 billion prior year. This was due to an increase in electronic fees and commissions from digital channels. Trading income also surged by 32 per cent Year-on-Year resulting from higher volumes of fixed income instrument trades.

The capital adequacy ratio remained stable at 16.2 per cent for the retail and commercial banking subsidiary of the Group (that is, First City Monument Bank), while the liquidity ratio of the Bank stood at 34.8 per cent as of the end of the financial year 2021, indicating that the financial institution is in a very healthy position.

FCMB also acquired an additional 1.1 million customers in 2021, increasing its total customer base to 9.4 million from 8.3 million in 2020.

This stellar performance is a clear indication that the digital transformation drive of the financial institution is yielding the desired results and is appreciated by the market.

Analysts have already expressed broadly positive views on FCMB’s 2021 financial result, describing it as, “highly commendable.”

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