Connect with us

                   

Business

FCMB Generates N48.3 Billion Revenue in the Third Quarter

Published

on

FCMB Group Plc announced revenue of N48.3 billion in the third quarter ended September 2020.

This represents an increase of 4.8 percent year-on-year, according to the bank’s unaudited financial statements released on Thursday.

The lender reported a 7.8 percent increase in earnings to N146.43 billion from the year to date.

Net interest income expanded by 30.03 percent year-on-year to N22.7 billion during the quarter while net fee and commission income appreciated by 0.29 percent to N5.2 billion.

FCMB Group’s net trading income grew by 39.4 percent year-on-year to N1.82 billion in the third quarter and the bank managed to reduce personnel expenses by 7.9 percent to N6.9 billion, largely due to the COVID-19 partial operations.

Profit before tax rose by 10.2 percent to N4.8 billion while profit after tax grew by 16.4 percent to N4.2 billion.

The bank’s total assets appreciated by 22.12 percent to N2.04 trillion during the period under review.

Between December 2019 and September 2020, loans and advances to customers increased by 10.8 percent to N793.14 billion.

Earnings per share gained 16.7 percent year on year to N0.21.