FCMB grows profit by 64% in three months

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FCMB Group Plc has recorded a 64 percent rise in its profit before tax for the third quarter of 2017 compared to the second quarter ended June 30, 2017.

This was contained in a statement released by the institution on Sunday.

It recorded a PBT of N6.8bn for the nine-month ended September 30, 2017.

FCMB Group is a holding company with subsidiaries including First City Monument Bank Limited, FCMB Capital Markets, CSL Stockbrokers Limited, CSL Trustees Limited, and FCMB Microfinance Limited.

Recently, the group acquired Legacy Pension Managers Limited, a leading Pension Fund Administrator in Nigeria, by increasing its interest in the company from 28.2 percent to 88.2 percent following the approval of the regulatory authorities, shareholders, and directors of both companies.

From the details of its unaudited results announced on the floor of the Nigerian Stock Exchange, FCMB Group’s gross revenue for the nine-month ended September 30, 2017, was N118.8bn, representing a decrease of 16 percent from N140.7bn achieved in the corresponding period of 2016.

This decline, the financial institution said, was primarily influenced by the exceptional foreign exchange revaluation income in 2016.

FCMB Group said it recorded deposits of N636.3bn and further demonstrated its commitment to economic development by providing loans and advances of N657.1bn to its customers and businesses within the nine-month period.

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The financial group said its capital adequacy ratio stood at 17.4 percent, which is above the minimum ratio stipulated by the Central Bank of Nigeria, just as the value of its assets stood at N1.14tn.

It explained that the cost containment measures put in place by the management of the group ensured that operating expenses remained flat at N49.3bn despite the prevailing inflationary tendencies of the economy.

The group, thus expressed its resolve to continue to distinguish itself by delivering exceptional services, while enhancing the growth and achievement of the personal and business aspirations of its customers and all stakeholders.

 

SOURCE: http://punchng.com/fcmb-grows-profit-by-64-in-three-months/