FCMB Posts 140.9% Jump in Profit, 33.9% Increase in Gross Earnings in Q1 2022

FCMB Group grew gross earnings by 33.9% as interest and discount income rose to N46.690 billion in the first quarter (Q1) ended March 31, 2022. Gross earnings rose from N43.541 billion in Q1 2022 to N58.305 billion in Q1 2022.

The lender stated in its unaudited financial statement obtained by Investors King.

The bank’s net interest income increased by 32.6% to N28.148 billion in the period under review, up from N21.228 billion in Q1 2021. Fee and commission income also improved by 33.6% from N7.657 billion to N10.230 billion in Q1 2022.

The 33.6% increase in fee and commission income bolstered net fee and commission income to N7.617 billion. The bank’s net trading income rose to N2.509 billion, representing a 62.9% increase when compared with N1.540 billion filed in Q1 2021.

In the quarter, profit before tax increased by 42.4% to N6.019 billion. While the bank paid N225.000 million in minimum tax and N627.966 million in taxation charges. Profit after tax jumped 44.6% from N3.572 billion in Q1 2021 to N5.166 billion.

The bank incurred an N432.324 million loss in foreign currency translation differences for its foreign operations. Another -N340.227 million as other income for the period, net of tax.

FCMB Group total comprehensive income for the period under review dropped to N4.826 billion. Still, a 140.9% increase from N2 billion was achieved in Q1 2021.