Posted by News Express | 6 April 2018 | 1,163 times
FCMB Group Plc has released its financial results for the year ended December 31, 2017, reporting a gross revenue of N169.9 billion.
Going by the audited results, the group recorded a profit before tax (PBT) of N11.5 billion, while profit after tax (PAT) was N9.4 billion. Deposits grew to N689.9 billion as at the end of December 2017, an increase of 5%, from N657.6 billion in the corresponding year.
The group’s capital adequacy ratio also improved to 16.9% from 16.7%, just as the asset base increased to N1.19 trillion, compared to N1.17 trillion at the end of 2016. Non-interest income as at the end of 2017 was N32 billion, while loans and advances stood at N649.8 billion.
It said in a statement, that: “In spite of the reduction in the headline numbers, the group’s performance for the year 2017 witnessed an improvement in core operating performance over the previous year after adjusting for the significant foreign exchange revaluation income enjoyed in 2016.
“In line with the repositioning strategy of the group for better performance, the key drivers of the performance include increase in income from our non-banking activities, lower impairment charges from the bank and its subsidiaries, and improved operating efficiencies through more pervasive use of technology.’’
In November 2017, FCMB completed the acquisition of an additional 60% stake in Legacy Pension Managers Limited, which increased its stake from 28.2% to 88.2%, thereby making Legacy a subsidiary of FCMB. The acquisition helped achieve further diversification of service offerings and, consequently, earnings within the FCMB Group, which will be felt from the 2018 financial year.
Following these developments, FCMB Group Plc’s operating companies are now divided along three business groups – Commercial and Retail Banking (First City Monument Bank Limited, Credit Direct Limited, FCMB (UK) Limited and FCMB Microfinance Bank Limited); Investment Banking (FCMB Capital Markets Limited and CSL Stockbrokers Limited); and Asset & Wealth Management (Legacy Pension Managers Limited, First City Asset Management Limited and CSL Trustees Limited).
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