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FCMB Sees After-Tax Profit Drop By 0.7 Percent To N13.8bn In Q3 2021

FCMB Sees After-Tax Profit Drop By 0.7 Percent To N13.8bn In Q3 2021

FCMB saw its third quarter of 2021 earnings suffer a 0.7 percent decline as it reported a profit-after-tax of N13.8billion from N13.9 billion when compared with its earnings in the same period last year.

The dip in the bank’s profit was as a result of the huge increase in interest expenses and the income tax the bank paid during this period, which surged 25.6 percent and 26.48 percent respectively.

Other operating expenses that contributed to the bank’s high cost surged by 26.05 percent to N20.39 billion from N16.18 billion in Q3 2020.

According to the bank’s financial statement for nine months which was released on Tuesday, the gross revenue rose 2.08 percent to N149.47 billion, supported by interest income which grew by 3.26 percent, fee and commissions and 15.27% and 15.12% respectively.

Also, FCMB saw its total assets improve by 17.46 percent to N2.43 trillion with loans and advances rising by 17.60 percent to N967.57 billion in Q3 2021, while its total liabilities which rose at a faster pace stood at19.14 percent, totaling N2.18 billion as total deposits also surged by 20.63 percent to N1.66 trillion.

FCMB’s basic earnings per share was set at N0.70 during this period.

About Author

Victor Okeh is a graduate of Economics from Lagos State University. He is versatile in reporting business and economy, politics and finance, and entrepreneurship articles. He can be reached via – [email protected]

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