FCMB Group records impressive results as profit before tax rises by 26%
has again proved its resilience and capability to deliver outstanding performance and returns to customers and shareholders going by the half year results of the financial institution released recently. For the six months ended June 30, 2020, the Group’s profit before tax rose by 26% to N11.1 billion compared to N8.8 billion in the corresponding period in 2019. Profit after tax increased by 29% Year-on-Year to N9.7 billion. This translates to a return on average equity of 9.
The half year results also showed that the Group recorded an increase in gross revenue by 9% to N98.2 billion as against N89.8 billion for the same period last year. Net interest income equally rose by 17% for the first half of 2020 to N45.4 billion from N38.7 billion posted in the first half of 2019, while non-interest income stood at N17.5 billion, an increase of 14% compared to N15.3 billion within the six months period last year.
The subsidiaries of FCMB Group, who are market leaders in their respective segments, also performed satisfactorily within the six months period. The Commercial and Retail Banking arm reported a 42.9% Year-on-Year increase in PBT. This was due to an increase in net interest income, fixed income instruments, trading income and foreign exchange income. PBT also improved by 4.
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