Nigeria: FCMB Group Achieves Net Profit of USD 34 Million in Q3 2021

First City Monument Bank (FCMB), a financial services group based in Lagos, Nigeria, posted net profit of 13.8 billion naira (34 million USD) in the first nine months of the year, down slightly less than 1% year-on-year, according to financial results released to the Nigerian Exchange Limited (NGX).

However, on a quarterly basis, the group recorded a 57% increase in net income to 6.2 billion naira (15 million USD) from 4 billion naira (10 million USD) recorded in the second quarter of 2021.

At the end of the third quarter, gross sales increased slightly by 2% year-on-year to 149.4 billion naira (365 million USD), compared to 146.4 billion naira (357 million USD) in the last quarter. the same period of last year.

Net interest income fell 4% year-on-year to 65.4 billion naira (160 million USD) from 68.1 billion naira (166 million USD) in the corresponding period of the past year . Regarding non-interest income, it increased by 17.3% year-on-year to reach 31.7 billion naira (77 million USDS), compared to 27 billion naira (66 million USD) recorded during the same period. period of last year.

Operating expenses increased 11% year-on-year to 73.2 billion naira ($ 179 million). This performance is due to the increase in regulatory costs which represented 44% of the total cost growth.

Customer deposits increased 18% year-on-year to 1.4 trillion naira (US $ 3.4 billion), and total assets increased 19% year-on-year to 2.422 billion naira (6 billion USD).

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