FCMB Announces N7.1b PBT for First Half of the Year

• FCMB Announces N7.1b PBT for First Half of the Year

FCMB Group Plc announced N7.1 billion profit before tax (PBT) for the first half of the year.

When compared to the same period of 2017, this represents an increase of 46 percent from N3.8 billion recorded last year. The group attributed the improved performance to its diversification through investments in asset and wealth management.

The details from the unaudited results showed the gross revenue rose from N77.5 billion in the corresponding period of 2017 to N83.9 billion as at the end of June 2018. Accordingly, net interest income surged by 9 percent year-on-year to N35.3 billion.

Non-interest income grew by 29 percent to N16.5 billion from N12.8 billion recorded in the same period in 2017.

The Commercial & Retail Banking group, comprising First City Monument Bank Limited, Credit Direct Limited, FCMB (UK) Limited and FCMB Microfinance Bank Limited, profit before tax rose by 32.2 percent to N2.9 billion, up from N2.2 billion reported in the first half of 2017.

On a yearly basis, revenue rose by 3.7 percent, largely driven by an 8.1 percent increase in non-interest income and another 8.7 percent surge in net-interest income.