NIGERIA – Nigeria’s FCMB (First City Monument Bank) Group Plc has said the group’s profit before tax for the first half of 2020 rose by 26 per cent despite of the bank operating in challenging economic environment.

 The Group noted that its profits for H1 2020 rose to N11.1bn (US$28.83 million) in the first six months ended June 30, 2020, from the N8.8bn (US$22.85 million) recorded in the corresponding period in 2019.

Group profit after tax increased by 29 per cent year-on-year to N9.7bn (US$25.19 million), representing a return on average equity of 9.4 per cent and earnings per share of 49 kobo.

FCMB’s half year results also showed that the group recorded an increase in gross revenue by nine per cent, rising to N98.2bn (US$ 255.04 million) from N89.8bn (US$233.22 million) achieved in the same period last year.

Group interest income equally rose by 17 per cent for the first half of 2020 to N45.4bn (US$117.91 million) from N38.7bn (US$100.51 million) posted in the first half of 2019,

Non-interest income, on the other hand, stood at N17.5bn(US$45.45 million), an increase of 14 per cent compared to N15.3bn (US$39.74 million) recorded within a similar six months period last year.

FCMB said that it intensified the tempo of its strong commitment and support to the growth of businesses and the Nigerian economy in general.

loans and advances grew by 29 per cent Y-on-Y and four per cent quarter-on-quarter to N794.6bn (US$2.06 billion).

Customer deposits, on the other hand, went up by 28 per cent Y-on-Y and 11 per cent Quarter-on-Quarter to N1.1tn (US$2.86 billion) in June 2020, implying a significant increase in confidence in the institution.

FCMB Group is a holding company divided along three business groups; commercial and retail banking (First City Monument Bank Limited, Credit Direct Limited, FCMB (UK) Limited and FCMB Microfinance Bank Limited).

The Group also has a corporate & investment banking arm (the Corporate Banking Division of the Bank, FCMB Capital Markets Limited and CSL Stockbrokers Limited) and an asset & wealth management arm (FCMB Pensions Limited, FCMB Asset Management Limited and FCMB Trustees Limited).

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