FCMB Generates ₦48.3 Billion Revenue in the Third Quarter

FCMB Group Plc announced revenue of ₦48.3 billion in the third quarter ended September 2020.

This represents an increase of 4.8 percent year-on-year, according to the bank’s unaudited financial statements released on Thursday.

The lender reported a 7.8 percent increase in earnings to ₦146.43 billion from the year to date.

Net interest income expanded by 30.03 percent year-on-year to ₦22.7 billion during the quarter while net fee and commission income appreciated by 0.29 percent to ₦5.2 billion.

FCMB Group’s net trading income grew by 39.4 percent year-on-year to ₦1.82 billion in the third quarter and the bank managed to reduce personnel expenses by 7.9 percent to ₦6.9 billion, largely due to the COVID-19 partial operations.

Profit before tax rose by 10.2 percent to ₦4.8 billion while profit after tax grew by 16.4 percent to ₦4.2 billion.

The bank’s total assets appreciated by 22.12 percent to ₦2.04 trillion during the period under review.

Between December 2019 and September 2020, loans and advances to customers increased by 10.8 percent to ₦793.14 billion.

Earnings per share gained 16.7 percent year on year to N0.21.