First City Monumental Bank reported an increase in profit for the year 2022 by 55.8% to N32.6 billion compared to the N20.9 billion in the previous year.
Financial report by the company shows that the company’ gross earnings for the period increased to N281.8 billion in 2022 from N212.0 billion, a 33% high.
Interest and discount income for the period was valued at N218 billion. This is a massive high from the N162 billion in the previous year. Further analysis shows that this was driven by improvement in disaggregation of fee and commission income by major type of services. These fees include credit related fees, account maintenance, letters of credit commission, asset management fees, administration fees, commission on off-balance sheet transactions, electronics fees and commissions, service fees and commissions.
The interest expenses also increased to N97.6 billion in the reported year from N71.1 billion in the previous year as a result of rise in deposit from customers to N68.9 billion in 2022 from N38.8 billion in 2021. However, the deposit from bank declined to N5.9 billion from N8.4 billion in previous year.
Other revenue rose to N5.9 billion in 2022 from N3.4 billion as the company gained on dividend on unquoted equity securities, and foreign exchange. The former represent dividend received from unquoted equity securities held for strategic purposes and for which the Group has elected to present the fair value gain and loss in other comprehensive income while the latter is the foreign currency revaluation gain represent gains realised from the revaluation of foreign currency-denominated assets and liabilities held in the non-trading books.
Similar, other income amounted to N1 billion in 2022, a decline from N1.6 billion in 2021. This is as the company saw negative on sale of property and equipment for the period.
Results from operating activities improved in 2022 to record N37.1 billion compared to the previous year it recorded N22.6 billion while the profit before tax valued N37.1 billion compared to N22.7 billion in the previous year.
