FCMB records profit of N19.610bn

FCMB Group Plc has released financial scorecard for the year ended December 31, 2020, posting profit of N19.610 billion.
The amount represents an.increase of N2.273 billion or 13.11 per cent compared with N17.337 billion reported in the preceding year.
The group also reported profit before tax of N21.911 billion from N20.130 billion, representing a growth of 8.8 per cent while gross earnings grew by N18.19 billion or 10.04 per cent to N199.439 billion against N181.249 billion achieved in the comparative period of last year.
The board proposed a cash dividend payment of N0.15 kobo against N0.14 kobo paid in the preceding year.
An analysis of the group performance for the period showed that interest and discount income up from N137.447 billion in 2019 to N151.023 billion while interest expenses declined from N61.470 billion to N60.265 billion, bringing net interest income to N90.757 billion against N75.976 billion recorded in the comparative period of last year.
Fee and commission income rose from N29.722 billion to N30.162 billion, fee and commission expenses rose to N10.807 billion from N9.00 billion, while net fee and commission stood at N19.56 billion from N20.722 billion.
Total assets grew by N390 billion or 23.38 per cent to N2.058 trillion from N1.668 trillion while total liabilities rose to N1.831 trillion from N1.467 trillion in the corresponding period.

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