Banking Sector
FCMB Profit Drops to N3.57 Billion in Q1 2021
FCMB Group Plc, one of the financial institutions in Nigeria, posted a profit after tax of N3.57 billion in the first quarter (Q1) 2021.
The bank’s profit before tax stood at N4.2 billion in the quarter, down from N5.4 billion recorded in the first quarter of 2020.
In the unaudited financial statements released on Thursday, gross earnings also declined from N49.2 billion in Q1 2020 to N43.2 billion in Q1 2021.
Net interest income moderated to N21.2 billion in the quarter under review, down from N23.1 billion filed in the corresponding quarter of 2020.
Net fee and commission income grew from N5 billion in Q1 2020 to N5.6 billion in Q1 2021. This was largely due to the drop in fee and commission expense from N2.3 billion in Q1 2020 to N1.9 billion in Q1 2021.
The bank’s total assets rose slightly to N2.1 trillion from N2 trillion in Q1 2020.
FCMB posted 18 kobo earnings per share in Q1 2021, lower than 24 kobo achieved in Q1 2020.