FCMB Group Plc’s gross earnings for the nine months ended September 30 2022, grew by 33.85% year-on-year (Y-o-Y) to N200.067 billion from N149.467 billion.
This was despite a high inflationary environment and currency devaluation which the economy continues to battle.
The company noted that the revenue growth was driven by loans & advances to customers and supported by the higher interest rate environment.
Some key takeaways: Interest income grew by +33.12% y-o-y benefitting from strong loan growth and a higher yield environment to N154.083 billion from N115.750 billion in 2021.
- Interest income from loans and advances to customers grew by 24.09% to N123.013 billion in 2022 from N99.132 billion in 2021. The income from loans and advances had a 79.83% contribution to the interest income for the period.
- Fees and commission income grew to N34.587 billion in the third quarter of 2022 from N25.622 billion in 2021 on the back of a rise in credit-related fees and income, electronic banking income, and trade transaction income amongst others.
- The bank recorded strong growth in profit before tax from N15.741 billion in 2021 to N26.504 billion in 2022, a growth of 68.37%.
Other financial highlights: Profit after tax grew by 66.03% to N22.920 billion in 2022 from N13.804 billion in 2021.
- Net interest income rose by 42.31% to N93.055 billion from N65.391 billion in 2021.
- Net impairment loss on financial instruments grew by 292% to N18.704 billion from N4.765 billion in 2021.
- Other operating expenses grew by 4% to N21.210 billion from N20.388 billion in 2021.
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