FCMB Group Grows PBT by 9% in 2019

• FCMB Group Grows PBT by 9% in 2019

FCMB Group Plc grew profit before tax by 9 percent to N20.1 billion in the financial year ended December 31, 2019.

In the audited result released through the Nigerian Stock Exchange, the bank grew revenue from N177.2 billion in 2018 to N188 billion in 2019 while the net interest income rose by 5 percent year-on-year to N76 billion, up from N72.6 billion recorded the corresponding period of 2018.

Accordingly, the lender was able to grow deposits from N863.4 billion in filed September 2019 to N943.1 billion in December 2019. Also, loans and advances disbursed by the lender rose by 12 percent quarter-on-quarter from N638.1 billion achieved in September 2019 to N715.9 billion as at the end of December 2019.

On a quarterly basis, the bank’s total assets rose by 10 percent to N1.67 trillion in December, up from N1.52 trillion in September 2019.

Speaking on the overall performance, the Group said that, “Post-tax profits increased by 16% to N17.3 billion, this translates to a return on average equity (RoAE) of 9% and earnings per share of 87.2 kobo, an improvement on 8.1% and 75.2 kobo, respectively, in 2018”.

It added that “Our businesses continue to improve with growth in other key indicators, such as loans and advances, deposits and assets under management (AUM), which grew by 13.1%, 14.8% and 28.3%, respectively. Our customer base also grew by 27.7% across the Group from 5.3 million to 6.8 million.

“Overall, customer satisfaction has shown positive trends, with a net promoter score of 31 in banking and 23 in asset management. Asset quality has continued to improve, with the Group-wide NPL ratio coming down to 3.7% from 5.9%. Similarly, capital adequacy ratio has remained stable at 17.2% for our Commercial and Retail Banking Group”.