FCMB reports gross earnings of N516.8bn in 2023

Bisola David
Bisola David
First City Monument Bank has started an accelerator program aimed at helping over a million small and medium-sized businesses in Nigeria expand and improve their skills.

FCMB Group Plc has released its unaudited annual report and financial statements for fiscal year 2023.

The Times reported that the group’s gross earnings for the year was N516.8 billion, up 82.6% from FY 2022.

The firm enjoyed improved interest revenue, with a net interest income of N177.42 billion in 2023, up 45.4% from 2022.

It also recorded a pre-tax profit of N101.46 billion in FY 2023, up 177.4% from 2022.

In terms of net income, FCMB Group showed a 206.9% increase, posting N95.52 billion in 2023, up from N31.13 billion in 2022.

In 2023, the firm achieved a total comprehensive income of N145.69 billion, which included a N26.52 billion gain from foreign currency translation discrepancies.

Remember that the business earned N11.09 billion in trading profits from FGN bonds in 2023, increasing 98.3% from 2022.

The business also reported an N4.32 billion trading loss on treasury bills, a 165.4% fall from the N6.60 billion profit recorded in 2022.

The group recorded a foreign exchange gain of N84.25 billion in FY 2023, up 1860% from the N4.30 billion gained in FY 2022.

FCMB Group’s portfolio of securities assets increased dramatically in fiscal year 2023, totaling N478.23 billion.

This figure marks a significant increase of 86.9% over the N255.87 billion reported in 2022.

Notably, majority of this transaction, totaling N380.27 billion, went towards Federal Government of Nigeria bonds. This is a significant increase of 94.6% when compared to the group’s allocation of N195.37 billion to FGN bonds in fiscal year 2022.

Key Highlights: FY 2023 (FY 2022, YoY % Change)

Gross earnings: N516.79 billion (N282.98 billion, +82.6%)

Interest and discount income: N355.68 billion (N219.55 billion, +62.0%)

Interest expense: N178.25 billion (N97.55 billion, +82.7%)

Net interest income: N177.42 billion (N121.98 billion, +45.4%)

Fee and commission income: N60.78 billion (N44.04 billion, +38.0%)

Fee and commission expense: N16.35 billion (N10.02 billion, +63.1%)

Net fee and commission income: N44.43 billion (N34.01 billion, +30.6%)

Profit before minimum tax and income tax: N101.46 billion (N36.57 billion, +177.4%)

Profit for the period: N95.52 billion (N31.13 billion, +206.9%)

Foreign currency translation differences: N26.52 billion (N1.59 billion, +1571.8%)

Total comprehensive income: N145.69 billion (N35.86 billion, +306.3%)

Earnings per share: N4.82 (N1.56, +209.0%)

Total assets: N4.41 trillion (N2.98 trillion, +47.9%)

Total Equity: N460.74 trillion (N275.88 billion, +67.0%)

Net impairment losses: N66.28 billion (N24.97 billion, +165.5%)

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