FCMB posts N199.4b revenue, N22b PBT

FCMB Group Plc has recorded gross earnings of N199.4 billion and Profit Before Tax (PBT) of N22 billion for the 2020 financial year.

The bank’s audited result for the 2020 financial year showed revenue of N199.4 billion, representing 10 per cent rise over N181.3 billion posted in 2019 while PBT rose to N22 billion, up from N20.1 billion recorded in the previous year.

The directors of the bank recommended a dividend of 15k kobo per share, up from 14 kobo declared the previous year.

The bank’s deposit grew by 33 per cent to N1.3 trillion from N943.1billion achieved in the previous year while loans/advances surged by 15 per cent to N822.8 billion. Also, total assets of the Group increased by 23 per cent to N2.06 trillion last year.

Its net interest income rose by 20 per cent to N90.8 billion from N76 billion in 2019. Non-interest income also increased to N37.8 billion as against N34.8 billion achieved in the previous year.

The bank’s assets under management (AUM) also sustained its growth, increasing to N495.2 billion while capital adequacy ratio remained stable at 17.7 per cent for the retail and commercial banking subsidiary of the group,The bank’s capital adequacy ratio stood at 17.7 per cent while liquidity ratio stood at 34.2 per cent. Its non-performing loans to total loans ratio was 3.3 per cent.

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