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Market Digest Nigeria

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FCMB Group records N11.5bn profit before tax

FCMB
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FCMB Group Plc has reported a profit before tax of N11.5bn in its financial results for the year ended December 31, 2017 filed with the Nigerian Stock Exchange.

It also recorded a gross revenue of N169.9bn while profit after tax was N9.4bn.

Its deposits grew to N689.9bn as of the end of December 2017, an increase of five per cent from N657.6bn recorded in the corresponding year.

The group’s capital adequacy ratio also improved to 16.9 per cent from 16.7 per cent, just as asset base increased to N1.19tn, compared to N1.17tn at the end of 2016. Non-interest income as at the end of 2017 was N32bn while loans and advances stood at N649.8bn.

In a statement, the FCMB Group said, “In spite of the reduction in the headline numbers, the group’s performance for the year 2017 witnessed an improvement in core operating performance over the previous year after adjusting for the significant foreign exchange revaluation income enjoyed in 2016.

“In line with the repositioning strategy of the group for better performance, the key drivers of the performance include increase in income from our non-banking activities, lower impairment charges from the bank and its subsidiaries, and improved operating efficiencies through more pervasive use of technology.”

In November 2017, FCMB completed the acquisition of an additional 60 per cent stake in Legacy Pension Managers Limited, which increased FCMB’s stake from 28.2 per cent to 88.2 per cent, thereby making Legacy Pension a subsidiary of the FCMB. The acquisition, according to the bank, helps achieve further diversification of service offerings and, consequently, earnings within the FCMB, which will be felt from the 2018 financial year. (Punch)

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