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28 JULY 2021: FCMB Group Plc announced its Unaudited Group Results for the six months ended 30 June 2021. FCMB’s gross revenue of â¦94.2 billion for the six months was a 4% decline from â¦98.2 billion for the same period the prior year.
Financial Performance Highlights:
- FCMB Group Plc earns N8.9 billion in Profit Before Tax for HY 2021 while Profit after tax (PAT) of â¦7.6 billion, for the first half of 2021, dropped 22% Year-on-Year.
- An increase in the cost of funds, led to a 5% year on year drop in net interest income from â¦45.4 billion, for the first half of 2020, to â¦43.0 billion for the first half of 2021.
- Non-interest income of â¦17.9 billion, for the six months ended June 2021, rose 2% Year-on-Year from â¦17.5 billion for the same period the prior year.
- Fees and Commissions income increased 33.5% Year-on-Year, as a result of an increase in customersâ transacting activities. However, this increase was muted by a 32.8% Year-on-Year drop in trading income, caused by lower volumes of fixed income instrument trades during the quarter. There was also a non-recurrence, in HY21, of the level of FX revaluation income seen in HY20.
- Operating expenses rose 9% Year-on-Year to â¦48.0 billion in the first half of 2021, largely due to increased regulatory costs.
- Net impairment loss on financial assets decreased by 48% Year-on-Year to â¦4.0 billion, for the six months ended June 2021, from â¦7.7 billion for the same period the prior year.
- Loans and advances grew, 15% Year-on-Year and 3% Quarter-on-Quarter to â¦916.7 billion in June 2021.
- Total assets increased 14% Year-on-Year and 4% Quarter-on-Quarter to â¦2.24 trillion in June 2021.
- Customer deposits rose by 21% Year-on-Year and 1% Quarter-on-Quarter to â¦1.3 trillion in June 2021.
- Assets Under Management grew by 10% Year-on-Year to â¦500.0 billion in June 2021.
HY21 Key Ratios:
- Capital Adequacy Ratio â 15.9%.
- Liquidity Ratio â 35.7%.
- Non-Performing Loans (NPL) to Total Loans Ratio â 3.3%.
- Cost to Income Ratio â 78.8%.
- Net Interest Margin â 6.7%.
- Earnings per share â 38.16 kobo.