SUMMARY OF FCMB GROUP'S FINANCIAL PERFORMANCE FOR THE FIRST HALF OF 2024:
1. Profit Increase:
- Net Profit: FCMB Group's profit increased by 68.1%, rising to N59.5 billion from N35.4 billion in H1 2023.
2. Gross Earnings:
- Growth: Soared by 57.2%, reaching N374.5 billion, up from N238.2 billion. This increase was driven by higher customer deposits, increased loan disbursements, and diversified revenue streams.
3. Interest and Discount Income:
- Increase: Rose by 80.6% to N269.2 billion from N149.0 billion.
4. Interest Expenses:
- Soared: Increased by 112.4% to N162.9 billion, compared to N76.7 billion in H1 2023, due to higher interest rates and customer deposits.
5. Net Interest Income:
- Rise: Grew by 46.8% to N106.2 billion from N72.3 billion.
6. Fee and Commission Income:
- Increase: Up by 27.1% to N36.2 billion from N28.5 billion, attributed to better digital banking services and increased transaction volumes.
7. Other Income:
- Growth: Other income, including trading income and gains from financial instruments, rose by 13.4% to N68.5 billion from N60.4 billion.
8. Comprehensive Income:
- Total: Increased by 57.9% to N84.3 billion from N53.4 billion, driven by higher profitability and favorable foreign currency translation.
9. Impairment Losses:
- Decrease: Net impairment losses reduced by 33.4% to N31.3 billion from N47.1 billion.
10. Operating Expenses:
- Increase: Rose by 48.4% to N104.8 billion from N70.6 billion, due to investments in technology, branch network expansion, and staff training.
11. Profit Before Tax:
- Increase: Grew by 68.0% to N64.2 billion from N38.2 billion.
12. Taxation:
- Charge: Increased by 80.4% to N4.3 billion from N2.4 billion.
13. Equity Attributable to Shareholders:
- Rise: Increased by 16.1% to N535.2 billion from N460.9 billion, due to retained earnings and improved financial performance.
14. Total Assets:
- Expansion: Expanded by 34.4% to N5.95 trillion from N4.42 trillion, driven by increased customer deposits, loan growth, and investments.
15. Net Trading Income:
- Surge: Increased by 281.6% to N31.4 billion from N8.2 billion, driven by gains in foreign exchange trading and FGN bonds.
16. Foreign Exchange Gains:
- Decrease: Fell to N35.2 billion from N51.0 billion, while dividends on unquoted equity securities increased to N1.9 billion from N1.2 billion.
17. Capital Raising Plans:
- FCMB Group plans to raise N150 billion in additional capital, following a directive from the Central Bank of Nigeria for banks to increase their capital base.
1. Profit Increase:
- Net Profit: FCMB Group's profit increased by 68.1%, rising to N59.5 billion from N35.4 billion in H1 2023.
2. Gross Earnings:
- Growth: Soared by 57.2%, reaching N374.5 billion, up from N238.2 billion. This increase was driven by higher customer deposits, increased loan disbursements, and diversified revenue streams.
3. Interest and Discount Income:
- Increase: Rose by 80.6% to N269.2 billion from N149.0 billion.
4. Interest Expenses:
- Soared: Increased by 112.4% to N162.9 billion, compared to N76.7 billion in H1 2023, due to higher interest rates and customer deposits.
5. Net Interest Income:
- Rise: Grew by 46.8% to N106.2 billion from N72.3 billion.
6. Fee and Commission Income:
- Increase: Up by 27.1% to N36.2 billion from N28.5 billion, attributed to better digital banking services and increased transaction volumes.
7. Other Income:
- Growth: Other income, including trading income and gains from financial instruments, rose by 13.4% to N68.5 billion from N60.4 billion.
8. Comprehensive Income:
- Total: Increased by 57.9% to N84.3 billion from N53.4 billion, driven by higher profitability and favorable foreign currency translation.
9. Impairment Losses:
- Decrease: Net impairment losses reduced by 33.4% to N31.3 billion from N47.1 billion.
10. Operating Expenses:
- Increase: Rose by 48.4% to N104.8 billion from N70.6 billion, due to investments in technology, branch network expansion, and staff training.
11. Profit Before Tax:
- Increase: Grew by 68.0% to N64.2 billion from N38.2 billion.
12. Taxation:
- Charge: Increased by 80.4% to N4.3 billion from N2.4 billion.
13. Equity Attributable to Shareholders:
- Rise: Increased by 16.1% to N535.2 billion from N460.9 billion, due to retained earnings and improved financial performance.
14. Total Assets:
- Expansion: Expanded by 34.4% to N5.95 trillion from N4.42 trillion, driven by increased customer deposits, loan growth, and investments.
15. Net Trading Income:
- Surge: Increased by 281.6% to N31.4 billion from N8.2 billion, driven by gains in foreign exchange trading and FGN bonds.
16. Foreign Exchange Gains:
- Decrease: Fell to N35.2 billion from N51.0 billion, while dividends on unquoted equity securities increased to N1.9 billion from N1.2 billion.
17. Capital Raising Plans:
- FCMB Group plans to raise N150 billion in additional capital, following a directive from the Central Bank of Nigeria for banks to increase their capital base.