FCMB raises profit YoY helped by minimised expenses
By Jeph Ajobaju, Chief Copy Editor
First City Monumental Bank (FCMB) made N20.8 billion Profit After Tax (PAT) in 2021, a 53 per cent increase from N13.8 billion in the fourth quarter (Q4 2021) and a 6.5 per cent rise year on year (YoY) against N19.6 billion in 2020.
The figures are gleaned from the latest unaudited financial report the bank filed with the Nigerian Stock Exchange (NSE).
FCMB made the highest profit in Q4 2021 at N7.09 billion, more than N6.2 billion in Q3 2021 and against N3.98 billion (Q2 2021) and N3.57 billion (Q1 2021).
Despite significant drop in revenue and greater expenses, it grew PAT because it minimised financial instruments losses by 59.3 per cent on 2020 figures.
__________________________________________________________________
Related articles:
E-banking fetches N216b for Nigerian banks
Banks advance N1.29tr credit to private sector
Female bank MDs to watch in 2022
__________________________________________________________________
Highlights
Below are highlights of the 2021 financials itemised by Nairametrics.
- Gross earnings – N208 billion. A 4.5 per cent or N9 billion dip from N199 billion in 2020.
- Net interest income – N90.47 billion. Fell by N288 million against N90.75 billion in 2020
- Net fees and commission income – N27 billion. Rose 42 per cent on N19.7 billion in 2020. Driven by fees commission income which increased to N35 billion from N30 billion in 2020, and a drop in commission expenses to N7 billion from N10 billion.
- Net trading income – N6.89 billion. A drop from N7.1 billion in 2020. Other revenue fell to N3 billion from N10.5 billion in 2020.
- Impairment losses on financial instruments – N9 billion. Less than N22.3 billion in 2020.
- Personnel expenses – N31.2 billion. A rise on N29.5 billion in 2020. General and administrative expenses jumped to N34.6 billion. Other operating expenses (N23 billion) from N16.8 billion (2020).
- Profit before tax – N23.926 billion. Slashed by minimum expenses (N900 million) and income tax expenses (N2.1 billion). Net profit N20.9 billion.
- Earnings per share rose 0.06 per cent to N1.04.
.){kind=link}