FCMB Group’s Revenue Hits N212bn In 2021

The groom’s revenue base of FCMB Group Plc  rose to N212billion in its.2021 financial year end, after posting impressive results across market fundamentals.

The increase translated to a seven per cent growth compared to N198.4 billion in 2020.

As a result, it declared a higher dividend of 20 Kobo per share to shareholders compared to 15 Kobo per share in 2020.

Also, it recorded a profit before tax of N22.7billion from N21.9billion the prior year while profit after tax also rose by 7% to N20.9 billion.

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

Loans and advances grew by 29 per cent to N1.1trillion at the end of December 2021, as against N822.8 billion the previous year. In addition, the total assets of the Group rose by 21 per cent to N2.5trillion.

FCMB Group’s Assets Under Management (AUM) also sustained its growth trajectory by rising to N525.8 billion in 2021, up by 6% from N495.2billion in 2020.

Net interest income grew marginally by 0.2 per cent Year-on-Year to N90.9 billion for full-year 2021 from N90.7 billion for the full year 2020.

Non-interest income increased to N43.1billion last year, representing 17 per cent growth, as against N36.8 billion prior year.

This was due to an increase in electronic fees and commissions from digital channels. Trading Income also surged by 32 per cent Year-on-Year resulting from higher volumes of fixed income instrument trades.

The capital adequacy ratio remained stable at 16.2 per cent for the retail and commercial banking subsidiary of the Group (that is, First City Monument Bank), while the liquidity ratio of the Bank stood at 34.8 per cent as of the end of the financial year 2021, indicating that the financial institution is in a very healthy position.

FCMB also acquired an additional 1.1 million customers in 2021, increasing its total customer base to 9.4 million from 8.3 million in 2020.

FCMB Group Plc is a diversified financial services group with subsidiaries that are market leaders in their respective segments.