FCMB Plc released its Q1 2022 results for the period ended March 31st, 2021.
FCMB Group Plc sustained its profitable growth trajectory by recording an impressive 42% increase in profit before tax at the end of March 2022, a significant jump to N6 billion from the N4.2 billion recorded in the same period in 2021. Also, profit after tax was up by 45% Year-on-Year to N5.2 billion from N3.6 billion in 2021. Solid growth across all businesses supported this performance.
The three-month results also showed a significant leap in gross revenue by 34% to N58.3 billion, from N43.5 billion for the same period last year. Net interest income also followed the growth path as this grew by 33% Year-on-Year to N28.1 billion from N21.2 billion for the first quarter of 2021. In addition, non-interest income rose to N9.0 billion at the end of March 2022 from N8.2 billion for the same period in 2021. Gross fees and commissions income increased 34% Year-on-Year, driven by an increase in service fees and commissions, while trading income also jumped by 63% Year-on-Year resulting from higher volumes of fixed income instrument trades from the same period last year.
