First City Monument Bank (FCMB) group, Nigeria’s leading tier 2 lender and first privately owned financial institution has released its quarter ended March 2020 unaudited financial statement to the public. The results shows a 30 percent Year-on-Year (YonY) increase in Post Tax Profit for the 3 months period.
The Bank has an impressive growth in income lines as Net Interest Income, Net Fee and Commission Income and Other Operating Revenue grew by impressive margins YonY.
Here are the highlights of the Q1 2020 results released by FCMB
- Gross Earning up by 15% YonY to N49.2 billion from N42.7 billion
- Net Interest income up by 24% YoY to N23.1 billion from N18.6 billion
- Loan Loss Charges was up by 60% YoY to N3.67 billion from N2.29 billion
- Net Fees and Commission Income up by 2% YoY from N4.96 billion to N5.05 b
- Net Trading Income down by 13% YonY to N1.89 billion from N2.16 billion
- Other Operating Revenue up by 196% YoY to N1.42 billion from N0.48 billion
- Staff Cost was up by 3% YonY to N7.26 billion from N7.06 billion
- Other Operating Expenses up by 26% YoY from N4.63 billion to N5.40 billion in Q1 2020
- Profit Before Tax up by 26% YoY to N5.43 billion from N4.3 billion
- Post Tax Profit also up by 30% to N4.72 billion from N3.62 billion in Q1 2019
The Balance Sheet size of FCMB had an impressive 3 months growth for the period ended 31 March 2020.
Total Assets grew 13% to N1.89 trillion in March 2020 from N1.67 trillion in December 2019. Customer Loans and Advances also grew by 7% from N716 billion to N764 billion as at March 2020.
Customer Deposits grew by 6% to N1 trillion from N943 billion, while Total Equity also grew by 3% from N200 billion in December 2019 to N205 billion in Q1 2020.