FCMB grows profit by 64% in Q3 of 2017 to N6.8bn

FCMB Group Plc reported a profit before tax (PBT) of N6.8 billion for the nine months ended 30 September 2017, representing a 64 per cent increase over the performance of the second quarter ended June 30, 2017.

The group is a holding company with subsidiaries including First City Monument Bank Limited, FCMB Capital Markets, CSL Stockbrokers Limited, CSL Trustees Limited and FCMB Microfinance Limited.

The group recently acquired Legacy Pension Managers Limited, a leading Pension Fund Administrator (PFA) in Nigeria, by increasing its interest in the company from 28.2 percent to 88.2 percent following the approval of the regulatory authorities, shareholders and directors of both companies.

From the details of its unaudited results announced on the floor of the NSE on November 24, 2017, FCMB Group’s gross revenue for the nine months ended September 30, 2017 was N118.8 billion, a decrease of 16 per cent from N140.7 billion achieved in the corresponding period of 2016.

This, according to the institution, was primarily influenced by the exceptional foreign exchange revaluation income in 2016.

FCMB Group also recorded deposits of N636.3 billion and further demonstrated its commitment to economic development by providing loans and advances of N657.1 billion to its customers and businesses within the nine-month period.

In addition, the group’s capital adequacy ratio was at 17.4 per cent, which is above the minimum ratio stipulated by the CBN, just as the value of its assets stood at N1.14 trillion.

The cost containment measures put in place by the management of FCMB Group have ensured that operating expenses remained flat at N49.3 billion, in spite of the high inflationary environment