FCMB Announces N17.7bn Profit for 2019

• FCMB Announces N17.7bn Profit for 2019

First City Monument Bank (FCMB), one of Nigeria’s leading lenders, reported a profit after tax of N17.72 billion, up from the N14.971 billion recorded in 2018.

In the unaudited financial results released through the Nigerian Stock Exchange on Wednesday, the bank’s gross earnings rose from N177.248 billion achieved in 2018 to N186.683 billion in 2019. While the net interest and discount income grew from N72.573 billion to 77.286 billion in 2019.

Net trading income rose from N6.193 billion in 2018 to N6.902 billion in 2019 to bring total trading income, net income from financial instruments and other income to N15.570 billion, below the N17.599 billion recorded in the same period of 2018 due to the drop in the size of other income generated from N11.751 billion to N8.642 billion. Profit before tax stood at N20 billion, up from N18.442 billion.

In the final quarter, the bank generated N6.9 billion in profit, around 48 percent increase from the N3.630 billion realised in the same quarter of 2018.

The bank’s total assets rose to N1.778 trillion from N1.431 trillion in 2018, while the lender’s total liabilities grew from N1.247 trillion to N1.576 trillion.

Total equity stood at N202.408 billion at the end of 2019 financial year, up from N183.427 billion.

Earnings per share rose from 0.75 kobo to 0.89 kobo.