FCMB Group has recorded a 206.86 per cent increase in profit for the fiscal year ending December 2023 to N95.52 billion.
According to The PUNCH, this was revealed in the unaudited annual report and financial accounts submitted to the Nigerian Exchange Limited on Friday.
FCMB’s profit was enhanced by gains in interest and discount revenue of N355.68 billion and fees and commission income of N60.78 billion.
It reported an 82.62 per cent increase in gross earnings for the period under review, which stood at N516.79 billion.
The financial institution’s balance sheet was also in the green, as total assets increased by 47.87 per cent to N4.411 trillion from N2.983 trillion the previous year, while liabilities increased by 45.92 per cent to N3.95 trillion.
Cash and bank holdings increased by 122.40 per cent to N550.41 billion, while loans and advances to consumers rose by 53.52 per cent to N1.84 trillion.
Deposits from banks increased by 110.58 per cent to N261.89 billion from N124.37 billion, while consumer deposits increased by 58.91 per cent to N3.09 trillion from N1.944 trillion.
The shareholders’ fund also increased to N460.74 billion from N275.88 billion.
The bank’s equities closed 2023 trade at N7.40 per unit and stood at N11.10 each at the close of trading on Friday, representing a year-to-date increase of over 50%.
FCMB Group has a market capitalization of N219.81 billion as of Friday.
FCMB Group Plc was registered in Nigeria as a financial holding company under the Companies and Allied Matters Act, in response to the CBN Regulation on the Scope of Banking Activities and Ancillary Matters (Regulation 3) on November 20, 2012.
