FCMB reports 63% pre-tax profit growth for third quarter, amid surge in fees and commissions income 

This marks a year-on-year increase of 63.35%, bringing the total pre-tax profit for the nine months ending September 30, 2024, to N91.8 billion.

In Q3 2024, the company saw a 77.06% increase in earnings from fees and commissions, reaching N16.3 billion.

Additionally, net trading income saw a substantial rise, from N1.1 billion in Q3 2023 to N18.4 billion, mainly due to gains from trading FGN bonds.

Commentary: 

A closer examination of FCMB’s results highlights a strong performance despite a significant increase in interest expenses during the quarter.

Similarly, net trading income saw a sharp increase of 1555.04% year-on-year, rising to N18.4 billion, primarily driven by foreign exchange gains and strong performance in FGN bond trading.

These gains contributed to the overall increase in trading income for the nine-month period, which reached N27.3 billion, with foreign exchange trading accounting for N17.9 billion of the total.

Key components of this growth include investments in securities, which totaled N1.2 trillion, loans and advances to customers, which rose to N2.5 trillion, and restricted reserve deposits, which amounted to N1.1 trillion.