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FCMB post-tax profit down 0.7% to N13.8bn in Q3 2021

Felix Oloyede

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FCMB post-tax profit down 0.7% to N13.8bn in Q3 2021

The harsh operating environment took its toll on the performance of FCMB in the third quarter of 2021 as profit-after-tax dipped by 0.7% to N13.8billion from N13.9 billion in the same period last year.

The decline in the lender’s profit was on the back of the huge rise in interest expenses and the income tax it paid during this period, which rose 25.6% and 26.48% respectively.

The other operating expenses which rose 26.05% to N20.39 billion from N16.18 billion in Q3 2020 did not also help FCMB’s fortune.

The financial statement of the bank for nine months, released on Tuesday, showed that gross revenue grew 2.08% to N149.47 billion, buoyed by interest income which improved 3.26% and fee and commissions and 15.27% and 15.12% respectively.

Total assets improved 17.46% to N2.43 trillion with loans and advances growing by 17.60% to N967.57 billion in Q3 2021 and total liabilities rising at a faster pace of 19.14% to N2.18 billion as total deposits grew 20.63% to N1.66 trillion.

FCMB basic earnings per share was fixed at N0.70 during this period.

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