{"id":32975,"date":"2020-11-30T18:50:10","date_gmt":"2020-11-30T18:50:10","guid":{"rendered":"https:\/\/www.africa-press.com\/nigeria\/?p=32975"},"modified":"2020-11-30T18:50:10","modified_gmt":"2020-11-30T18:50:10","slug":"fcmbs-9-month-profit-up-by-29-boosted-by-higher-turnover","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/fcmbs-9-month-profit-up-by-29-boosted-by-higher-turnover","title":{"rendered":"FCMB\u2019s 9-month profit up by 29%, boosted by higher turnover"},"content":{"rendered":"

Africa-Press<\/a> – Nigeria<\/a>. <\/strong><\/span>FCMB Group Plc said its after-tax profit for the 9-month period to September grew by 29%, relative to the same period of last year as improvement in gross earnings strengthened gains.<\/p>\n

The tier-2 lender disclosed in its interim financial statements for the period under review, obtained from the Nigerian Stock Exchange (NSE) website on Monday that gross earnings scaled up by 7.8% from N135.824 billion to N146.426 billion.<\/p>\n

Net interest income jumped by 21.4% to N68.053 billion from N56.061 billion.<\/p>\n

However, net fee and commission income declined, moving from N15.308 billion down to N14.910 billion, implying a 2.6% dip.<\/p>\n

Profit before minimum tax and income tax advanced by 23.8% to N15.850 billion, up from N12.803 billion.<\/p>\n

Profit for the period climbed from N10.791 billion to N13.903 billion, an improvement of 28.8% over what was reported in the corresponding period of 2019.<\/p>\n

On the expenditure side, impairment losses on financial instruments worsened by 70%, rising from N7.852 billion to N13.342 billion.<\/p>\n

Similarly, other operating expenses increased from N13.218 billion to N16.175 billion, meaning a 22.4% increase.<\/p>\n

Shareholders\u2019 fund lifted from N130.062 billion to N214.832 billion.<\/p>\n

FCMB\u2019s earnings per share are N1.05 while its price-to-earnings ratio is 3.09. The lender\u2019s outstanding shares total 19.8 billion.<\/p>\n

Shares in FCMB closed trade on the NSE on Friday at N3.25 per share.<\/p>\n

Opinions<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Nigeria. FCMB Group Plc said its after-tax profit for the 9-month period to September grew by 29%, relative to the same period of last year as improvement in gross earnings strengthened gains. The tier-2 lender disclosed in its interim financial statements for the period under review, obtained from the Nigerian Stock Exchange (NSE) […]<\/p>\n","protected":false},"author":84,"featured_media":32974,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15,28,26],"tags":[1570,1768,1767,254,1456],"class_list":["post-32975","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-fcmb","tag-fcmb-group-plc","tag-nigeria","tag-nse"],"yoast_head":"\nFCMB\u2019s 9-month profit up by 29%, boosted by higher turnover - Nigeria<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/economy\/fcmbs-9-month-profit-up-by-29-boosted-by-higher-turnover\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FCMB\u2019s 9-month profit up by 29%, boosted by higher turnover\" \/>\n<meta property=\"og:description\" content=\"Africa-Press – Nigeria. FCMB Group Plc said its after-tax profit for the 9-month period to September grew by 29%, relative to the same period of last year as improvement in gross earnings strengthened gains. 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