FCMB Projects N6.383 Billion Profit for Q3, 2022

First City Monument Bank (FCMB) has projected a gross profit of N63.607 billion for the third quarter  (Q3) of 2022.

In a statement obtained from the bank’s cash flow projection for Q3 2022, Investors King noticed that the lender projected an interest income of N49.573 billion for Q3 2022 while the interest expenses is expected to be N22.517 billion.

FCMB predicted that net interest income will rise to N27.056 billion in the third quarter while foreign exchange earnings was estimated at N464.628 million.

The bank estimated that its securities trading will realise N3.018 billion, contingent income forecast to be N242.780 million. Transaction commissions and other incomes were projected at N9.665 billion and N643.946 million.

According to the cash flow projection, the bank’s profit before tax in the third quarter will be N7.500 billion while profit after tax for the quarter was projected to be N6.384 billion. Net operating income was estimated at N41.089 billion.

FCMB estimated that its Cash Flow from Operating Activities in the third quarter will be N15.295 billion and Operating Cash Flow before Working Capital Changes will rise to N23.044 billion.

The Net Cash Generated from the operating activities will be N38.124 billion, while the Net Cash flow from investing activities is estimated to be N4.829 billion.

FCMB’s other estimates include:

• Cash and Cash Equivalent Beginning of Qtr N671.929 billion
• Cash and Cash Equivalent End of the Qtr N708.716 billion.