[Nigeria] FCMB raises profit by 64% in the 3rd Quarter 2017 results
FCMB Group has reported a profit before tax (PBT) of N6.8billion for the nine months ended 30 September 2017. This represents a 64% increase versus the second quarter ended June 30, 2017.
FCMB Group Plc is a holding company with subsidiaries including First City Monument Bank Limited, FCMB Capital Markets, CSL Stockbrokers Limited, CSL Trustees Limited, and FCMBMicrofinance Limited. Recently, the Group acquired Legacy Pension Managers Limited, a leading Pension Fund Administrator (PFA) in Nigeria, by increasing its interest in the company from 28.2 percent to 88.2 percent following the approval of the regulatory authorities, shareholders and directors of both companies.
From the details of its unaudited results announced on the floor of the Nigerian Stock Exchange on November 24, 2017, FCMB Group’s gross revenue for the nine months ended September 30, 2017 was N118.8 billion, a decrease of 16% from N140.7 billion achieved in the corresponding period of 2016. This, according to the institution, was primarily influenced by the exceptional foreign exchange revaluation income in 2016.
FCMB Group also recorded deposits of N636.3 billion and further demonstrated its commitment to economic development by providing loans and advances of N657.1 billion to its customers and businesses within the nine-month period.
In addition, the Group’s capital adequacy ratio was at 17.4%, which is above the minimum ratio stipulated by the Central Bank of Nigeria, just as the value of its assets stood at N1.14 trillion. Moreover, cost containment measures put in place by the Management of FCMB Group ensured that operating expenses remained flat at N49.3 billion, in spite of the high inflationary environment in the country.
FCMB Group Plc expects to continue to distinguish itself by delivering exceptional services, while enhancing the growth and achievement of the personal and business aspirations of its customers and all stakeholders.