BY KENNETH EZE
The FCMB Group has announced its results for H1 2021 with a gross revenue of N94.2bn, which represents a four percent decline from N98.2bn year-on-year.
The profit after tax for the same period stood at N7.6bn, a 22 percent drop year-on-year.
The bank in statement said, “Non-interest income of N17.9 billion, for the six months ended June 2021, rose 2% Year-on-Year from N17.5 billion for the same period prior year. Fees and Commissions income increased 33.5% Year-on-Year, as a result of an increase in customers’ transacting activities.
“However, this increase was muted by an 32.8% Year-on-Year drop in trading income, caused by lower volumes of fixed income instrument trades during the quarter. There was also a non-recurrence, in HY21, of the level of FX revaluation income seen in HY20.”
Other factors identified by the bank to have impacted on the PAT were cost of funds, which stood at N45.4bn up from N43.0bn for the corresponding period of 2020, a five percent increase.
Also “Operating expenses rose 9% Year-on-Year to N48.0 billion in the first half of 2021, largely due to increased regulatory costs,” the statement added.
FCMB Group is the holding company for First City Monument Bank Limited, Credit Direct Limited, FCMB (UK) Limited, FCMB Microfinance Bank Limited, FCMB Capital Markets Limited, CSL Stockbrokers Limited, FCMB Pensions Limited, FCMB Asset Management Limited and FCMB Trustees Limited.
