FCMB Group Posts N4.8billion Profit After Tax

FCMB Group Plc, FCMB, has released its financials for the year ended December 31, 2015, posting a profit before tax (PBT) of N7.8billion, while profit after tax stood at N4.8billion.

The released audited result shows that FCMB’s revenue was up by 3 per cent to N152.5 billion in 2015, as against N148.6 billion in 2014.

Following the profit, FCMB has recommended a dividend of 10 kobo per share to all shareholders.

However, net interest income plunged by 12 per cent Year-on-Year (YoY) to N63.9 billion, compared to N72.6 billion in the previous year. Fees and commissions rose by 10 per cent to N15.8 billion, driven by a strong surge in electronic banking income, offsetting the drop in commission on Turnover and Trade Finance fees.

Other income slid by 31 per cent to N8.8 billion due to a N4.8 billion reduction in foreign exchange gains. Total assets dropped marginally by 1 per cent to N1.16 trillion.

Commenting on the financial results, Managing Director of FCMB Group Plc, Mr. Peter Obaseki, said: “Full year 2015 result, came in with profit after tax of N4.8 billion; although underlying top-line and sustainable revenue momentum remains strong and in line with our strategic thrust.’’

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