FCMB posts N32.6bn profit in 2022, highest in 5years

FCMB Group reported N32.59 billion profit after tax, the highest in five years despite a higher interest expense in the full year of 2022.

The bank’s profit grew 56 percent to N32.59 billion in the full year of 2022 from N20.91 billion in the full year of 2021.

FCMB’s interest expense surged 37.2 percent to N97.58 billion, indicating the highest interest expense recorded by the bank in five years from N71.12 billion in December 2021.

Interest expense on customer deposits grew 77 percent to N69 billion in December 2022 from N38.83 billion in December 2021.

The bank’s interest expense on borrowings was N11.56 billion in December 2022, a 9 percent increase from N12.74 billion in December 2021.

Interest expense on debt securities issued stood at N8.52 billion, up 15 percent from N10.04 billion in December 2021.

Interest expense on deposits from banks grew 29 percent to N5.93 billion in December 2022 from N8.37 billion in December 2021.

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FCMB’s interest expense on lending facilities to N2.41 billion in December 2022, a 163 percent increase from N915 million in December 2021.

Interest expense on lease liabilities grew to N248.85 million in December 2022, up 15 percent from N215.75 million in December 2021.

FCMB’S interest and discount income jumped 34.5 percent to N218 billion in December 2022 from N162.04 billion in December 2021.

The bank recorded a net interest income of N120.41 billion in December 2022, a 32 percent increase from N91 billion in December 2021.

FCMB’s gross earnings increased to N281.75 billion in December 2022, a 33 percent increase from N212.01 billion in December 2021.

Fee and commission income stood at N44.03 billion, up 23.6 percent from N35.6 billion in the period reviewed.

However, the bank incurred fee and commission expenses of N10.02 billion from N6.84 billion which indicates 46 percent year-on-year growth.

FCMB’s net trading income climbed 37 percent to N12.83 billion from N9.36 billion in the period reviewed.

General and administrative expenses increased to N43.17 billion in December 2022, up 21 percent from N35.65 billion in December 2021.

Deposits from banks dropped 22.6 percent to N124.36 billion from N160.74 billion in the comparable period.

Deposits from customers increased to N1.94 trillion in December 2022, up 25 percent from N1.55 trillion in December 2021.

Account Maintenance fees grew 42.7 percent to N6.85 billion in December 2022 from N4.8 billion in December 2021.

The bank’s electronics fees and commissions recoverable expenses stood at N8.15 billion in December 2022, 30 percent increase from N6.27 billion in December 2021.

Wages and salaries increased to N25.8 billion in December 2022, 11 percent increase from N23.26 billion in December 2021.

FCMB spent N1.08 billion on business travel in December 2022, up 91 percent from N566 million in December 2021.

Cash and cash equivalents dropped 31.3 percent to N249 billion from N362.7 billion

Earnings per share stood at N1.64 from N1.05 in the period reviewed.