FCMB Group Profit Jumps by 206.9% to N95.521 Billion in 2023

FCMB Group Plc, one of Nigeria’s leading Tier II banks, grew gross earnings by 82.62% from N282.982 billion in 2022 to N516.793 billion in the 2023 financial year ended December 31, 2023.

This was disclosed in the unaudited financial statement obtained by Investors King.

Net interest income appreciated 45.43% to N177.422 billion up from N121.997 billion filed in 2022.

The lender also grew fee and commission income to N60.783 billion, representing a 38% increase from N44.039 billion reported in 2022.

As expected, fee and commission expense expanded by 63.14 to N60.783 billion from N44.039 billion in 2022.

Meanwhile, net fee and commission income remained resilient at N44.429 billion, an increase of 30.62% from N34.014 billion filed in the corresponding period.

However, net trading income experienced a decline of 31.97%, dropping from N12.866 billion in 2022 to N8.752 billion in 2023.

On the contrary, other revenue skyrocketed by an astonishing 1,612.86%, soaring to N90.919 billion from N5.308 billion in 2022.

Similarly, other income witnessed a significant uptick of 448.44% from N99.671 billion to N18.174 billion in 2022.

In the period under review, personnel expenses inched higher by 44.62% to N551.507 billion from N35.615 billion in 2022.

Profit before tax rose by 177.45% to N101.463 billion from N36.570 billion in 2022.

After paying about N6 billion in taxes, the bank reported a 206.9% increase in profit to N95.521 Billion in the 2023 financial year.