FCMB Records N109.3 Billion Increase in Revenue Over 9 Months

FCMB Group Plc (FCMB) has recorded an increase revenue of N109.3 billion for the nine-months ended September 2015, an increase of two per cent from N106.7 billion for the same period in 2014. The bank also recorded a profit before tax (PBT) of N2.6 billion for the period, as against N16.8 billion for the nine-months of 2014.

FCMB’s net interest income for the period ended September 2014 stood at N48.7 billion, as against N49.1 billion for the same period prior year. Operating expenses was up three per cent Year-on-Year (YoY) to N50.5 billion, for the nine-months ended September 2015, compared to N48.9 billion for the same period the previous year- a slower growth rate than inflation rate, underscoring FCMB’s successful cost saving initiatives.

Total assets was up 12 per cent YoY to N1.17 trillion as at September 2015 compared to N1.04 trillion as at September 2014, but flat Year-to-Date. First City Monument Bank Limited, the commercial and retail banking subsidiary of FCMB Group Plc, also increases loans and advances to its customers to N568.0 billion as at September 2015, as against N565.0 billion the previous year.

According to the managing director of FCMB Group Plc, Mr Peter Obaseki said, “The group’s nine months’ profit before tax, dropped YoY to N2.6 billion, with the significant earnings drop largely coming from our commercial banking activities. This was caused by a specific impairment of N5.4 billion on a contracted receivable with a reputable and creditworthy going concern, that we are hopeful of recovering and additional impairments of N6 billion on our loan book.

Irrespective of a weak macroeconomic environment, the priority in the coming months will be on cost efficiency – especially cost of risk – capital preservation, loan and receivable recoveries and sustaining the momentum in our retail banking activities.”