FCMB Declares PAT of N3.6bn For Q1

• FCMB Declares PAT of N3.6bn For Q1

One of Nigeria’s leading banks, First City Monument Bank (FCMB) Plc, declared a profit after tax of N3.6 billion for the first quarter of 2019.

This was higher than the N2.6 billion filed in the first quarter of 2018.

The financial results released on Friday through the Nigerian Stock Exchange showed gross earnings grew from N42.2 billion in Q1 2018 to N43.9 billion in Q1 2019.

Similarly, the interest and discount income grew from N32.7 billion to N34.5 billion in the first quarter of 2019. Again, the net interest and discount income stood at N18.6 billion against N17.8 billion after the reduction of N15.8 billion from the figure for interest expense, higher than N14.9 billion of Q1 2018.

The lender further disclosed that N6.8 billion was realised from fee and commission income, up from the N6.3 billion achieved in the first quarter of 2018.

The net trading income grew from N1.2 billion to N2.2 billion, while the net fee and commission income rose to N5 billion from N4.8 billion.

FCMB declared a profit before tax of N4.3 billion against the N3.3 billion recorded in the same period of 2018, while personnel expenses surged to N7.1 billion from N6 billion, the other operating expenses expanded to N4.6 billion from N4 billion.

Earnings per share grew from 13 kobo to 18 kobo during the period under review.