FCMB posts N14.7billion PBT for the nine-months
FCMB Group Plc, the holding company of First City Monument Bank Limited and its subsidiaries, has announced a Profit before Tax (PBT) of N14.7 billion for the nine months ended 30 September 2013, an increase of 21% compared to September 2012's PBT of N12.1 billion.
The unaudited International Financial Reporting Standards (IFRS)-compliant group results submitted to the floor of the Nigerian Stock Exchange (NSE) on Wednesday 30 October 2013, also showed that FCMB Group Plc recorded Gross Income of N96.6 billion, for the nine-months period, an increase of 14% Year-on-Year (YoY) from N84.7 billion for the nine-months ended 30 September 2012.
Further analysis of the Group's nine-months results highlighted a 19% YoY growth in Net Interest income to N41.1 billion from N34.5 billion, for nine-months 2012. Net provisions for risk assets and other known losses was N3 billion compared to N0.7 billion, for the same period in 2012 and Year-to-Date (YTD) operating expenses of N43.8 billion represented an increase of 10% YoY (N39.8 billion nine-months 2012).
On the balance sheet side, the Group achieved a 12% YoY growth in Customer Deposits to N690.6 billion, which also represented a 15% growth on the second quarter's deposit volume. Loans and advances also rose by 21% YoY and 13% QoQ, to N439.4 billion as at 30 September 2013. The Group's Total Assets increased by 8% YTD to N978.6 billion from the N908.5 billion recorded in December 2012.
The Group also closed the period under review with key ratios showing that Non-Performing Loans to Total Loans ratio reduced to 2.7%, from the 3.6% recorded for the half-year 2013 and 5.0% for the nine-months 2012. Net Interest Margin, at 7.8%, also increased by 9.3% from the 7.1% recorded for the nine-months ended30 September 2012. Loan to Deposit Ratio also increased to 63.6% compared to 59.0% recorded as at 30 September 2012. Cost to Income ratio decreased to 71.2%, against the 75.6% for September 2012. Return on Average Equity (ROaE) was 12.3% versus 11.3% for nine-months 2012, while Return on Assets (ROaA) decreased to 2.1% from 2.2% for nine-months 2012. Earnings per share also rose to 86k from the 74k recorded for the same period in 2012.
FCMB Group Plc is one of the leading financial services institutions in Nigeria, with subsidiaries that are market leaders in their respective segments. Through ownership of FCMB Group Plc, shareholders have continued to own all the subsidiaries 100%, including FCMB Capital Markets Limited, CSL Stockbrokers Limited and FCMB Limited (the bank) and its subsidiaries - Credit Direct Limited, Arab-Gambia Islamic Bank Limited and FCMB (UK) Limited.