FCMB Group Plc has posted a profit before tax (PBT) of N14.2 billion for the nine-months, ended September 30, 2016.
This figure, according to the bank, represents 453 per cent rise from N2.563 billion recorded in the comparative period of 2015.
The bank’s gross revenue stood at N140.7 billion, a 29 per cent rise when compared to N109.3 billion achieved during the same period in 2015.
FCMB Group Plc, a holding firm with First City Monument Bank (FCMB) Limited, FCMB Capital Markets Limited, CSL Stockbrokers Limited and CSL Trustees Limited as subsidiaries attributed the improved performance partially to its soundness of ratios and steady buffers against the subsisting adverse operating environment.
“In addition to the bank’s sustained revenue momentum combined with its cost optimisation programme.”
The Group also recorded non-interest income of N44.8 billion which is an increase of 128 per cent year-on-year, from N19.6 billion recorded in 2015. This increase has been predicated on a 612 per cent year on year increase in FX income, from N5.0 billion for the nine-months ended September 2015, to N35.3 billion for the nine-months ended September 2016.
The Managing Director of FCMB Group Plc, Peter Obaseki explained that the performance reflects its focus on key ratios and the need to maintain buffers against a sustained adverse operating environment.
According to him, capital adequacy and liquidity ratios stood at 17.6 per cent and 36.8 per cent, respectively while profit before tax rose to N14.2 billion, representing 453 per cent growth. This, the bank said, translated to an EPS of 87 kobo, up 30.6 per cent.
Meanwhile, FCMB Limited, the flagship of FCMB Group Plc, had successfully transformed to a retail and commercial banking-led group.
“First City Monument Bank (FCMB) Limited, the flagship of FCMB Group Plc with subsidiaries that are market leaders in their respective segments had successfully transformed to a retail and commercial banking-led group.
Source:© Copyright Guardian Online
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