FCMB Group’s revenue hits N212b as profit rises to N22.7b

First City Monument Bank (FCMB) Plc has announced its financial year ended December 31, 2021 disclosing that it sustained impressive performance across several key areas despite the country’s challenging business environment.

As a result, it declared a higher dividend of 20 Kobo per share to shareholders compared to 15 Kobo per share in the previous year.

The result across market fundamentals showed increase in gross revenue to N212 billion, representing a 12 per cent growth compared to N198.4 billion in 2020. Also, profit before tax (PBT) rose to N22.7 billion from N21.9 billion in 2020, while profit after tax (PAT) also rose by seven per cent to N20.9 billion.

The financial results also showed enhanced customers confidence in FCMB, as deposit increased by 24 per cent to N1.6 trillion from N1.3 trillion in the previous year, The Trumpet gathered.

Loans and advances grew by 29 per cent to N1.1 trillion at the end of December 2021.

FCMB Group’s Assets Under Management (AUM) also sustained its growth by rising to N525.8 billion in 2021, up by six per cent from N495.2 billion in 2020.

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Net interest income grew marginally by 0.2 per cent year-on-year from N495.2 billion in 2020, due to an increase in electronic fee and commission from digital channels.

Trading income also surged by 32 per cent year-on-year resulting from higher increase of fixed income trade instruments.

While capital adequacy ratio remained stable at 16.2 per cent for the retail and commercial banking subsidiary of the group, FCMB also accrued additional 2.1 million customers in 2021 thereby increasing its total customers to 9.4 million from 8.3 million it recorded in 2020.