FCMB Records N14.2bn Profit for Q3

• FCMB Records N14.2bn Profit for Q3

FCMB Group Plc has reported a profit before tax of N14.2bn for the nine-months, ending September 30, 2016.

This, the bank said on Thursday, represented an increase by 453 per cent from N2.563bn recorded in the comparative period of 2015.

FCMB Group Plc, the holding firm with subsidiaries including First City Monument Bank Limited, FCMB Capital Markets Limited, CSL Stockbrokers Limited and CSL Trustees Limited, attributed the current development partially to its soundness of ratios, steady buffers against the subsisting adverse operating environment, in addition to the bank’s sustained revenue momentum combined with its cost optimisation programme.

Its unaudited results filed with the Nigerian Stock Exchange showed the FCMB Group Plc’s gross revenue was N140.7bn for the nine-months, which was a 29 per cent increase over N109.3bn recorded for the same period last year.

The group also recorded a non-interest income of N44.8bn, which was an increase of 128 per cent year-on-year, from N19.6bn for the same period last year.

This increase has been predicated on a 612 per cent year-on-year increase in foreign exchange income, from N5bn for the nine-months ended September 2015, to N35.3bn for the nine-months ended September 2016.

Commenting on the result, the Managing Director of FCMB Group Plc, Mr. Peter Obaseki, was quoted to have said, “The audited nine months results for the period ended September 2016, reflects our focus on key soundness ratios and the need to maintain buffers against a sustained adverse operating environment.

“Accordingly, capital adequacy and liquidity ratios have held up at 17.6 per cent and 36.8 per cent, respectively.”

The Group Managing Director of FCMB Limited, Mr. Ladi Balogun, said, “The audited results of the bank revealed that the extraordinary performance of Q2 2016 offset the loss recorded in Q3 of N2.4bn, thereby resulting in strong year-on-year profit growth of 913 per cent.