FCMB Group Plc, Nigeria’s first local bank in Nigeria to be established without government support. and one of the leading tier 2 lenders in the country has released it 2019 annual report and financials (Unaudited) to the public. The result was published by the Nigerian Stock Exchange (NSE) recently.
The FCMB Group result revealed that the bank had a very impressive bottom line growth in Net Interest Income, Trading Income, reduced Imparment charges and reduced Other Operating Expenses to deliver an outstanding result in 2019 financial year end.
Here are the highlight of the FCMB 2019 annual result:
- Gross Earning up by 5 Per cent from N177.2bn 2018 FY to N186.7bn in 2019 FY.
- Net Interest Income up by 6 per cent from N72.6bn to N77.3bn in 2019 FY.
- Net Fee and Commission Income down by 4 per cent from N21.6bn in 2018 FY to N20.8bn
- Trading Income up by 11 per cent in 2019 FY to N6.9bn from N6.2bn in Q4 2018.
- Other Income was down by 27 percent from N11.8bn in 2018 Q4 to N8.6bn in 2019 Q4
- Impairment Charges was down by 34 per cent to N9.3bn in 2019 FY from N14.1 bn in 2018 FY
- Other Operating Expenses down by 5 per cent in FY 2019 from N18bn to N16bn
- Staff Cost up by 14 per cent from N25.9bn in FY 2018 to N29.6bn in FY 2019
- Profit Before Tax up by 8 per cent from N18.4bn in FY 2018 to N20bn in FY 2019
- Profit After Tax also up by 18 per cent to N17.7bn in Q4 2019 from N14.9bn in Q4 2018
The Balance Sheet size of FCMB also had a very impressive double digits growth in 2019 as Customer Deposit grew by 16 per cent from N821.7bn in Q4 2018 to N953.8bn in Q4 2019.
FCMB Asset Base grew by 24 per cent in 2019 FY from N1.43tn in 2018 FY to N1.78tn. Likewise Customer Loans and Advances grew by 13 per cent to N717.5bn in Q4 2019 from N633bn in Q4 2018.
The Bank also grew it Shareholder’s Equity by 10 per cent to N202.4bn in 2019 FY and its Earning Per Share grew also by 19 per cent from 75 kobo to 89 kobo per share in Q4 2019.