FCMB Records N19.610 Billion Profit After Tax in 2020

FCMB Group Plc, a leading financial institution in Nigeria, on Friday announced N19.610 billion profit after tax for the year ended December 31, 2020.

The bank disclosed in its audited financial statements for the year.

The lender recorded N199.439 billion in gross earnings during the year, up from the N181.249 billion achieved in the same period of 2019.

Net interest income expanded from N75.976 billion in 2019 to N90.758 billion in 2020 while net fee and commission income stood at N19.555 billion in 2020, below the N20.722 filed a year ago.

However, other income grew from N12.933 billion in the corresponding year of 2019 to N17.671 billion in 2020.

This led to a better than expected profit before tax of N21.912 billion in 2020, up from N20.130 billion in 2019.

The lender paid N1.868 billion in income tax and another N433.746 billion in minimum tax in 2020.

Therefore, profit after tax stood at N19.610 billion, higher than the N17.337 billion filed in 2019.

FCMB total assets and liabilities grew to N2 billion and N1.831 billion in 2020, respectively. While total equity stood at N227.120 million.