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FCMB profit grows by 15% in Q1 operations

By The Citizen
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The First City Monument Bank (FCMB) Group has declared a 15 per cent rise in profit before tax (PBT) for the first quarter ended March 31, 2014.

According to the group's unaudited accounts for the period, its PBT rose to N5.6 billion from N4.8 billion in the same period of 2013. The group net revenue grew by 16 per cent to N22.3 billion.

According to the managing director, FCMB Group, Mr Peter Obaseki, in a statement made available to journalists, the group reported positive developments in most of its key operating areas.

He said that the net revenue rose as a result of 'growth in earning assets, improved funding cost and the growing contribution of retail banking activities which compensated for the decline in unit commissions on turnover.'

In the three-months period ended March 31, 2014, the FCMB Group said its deposits rose by nine per cent year-on-year to N687 billion due to a 22 per cent growth in current and savings accounts. Its fixed deposits, however, declined, while loans and advances grew 50 per cent year-on-year to N493.7 billion.

The bank added, 'It is also noteworthy that the investment banking group's contribution to the group's pre-tax profits increased in Q1, 2014. FCMB Capital Markets Limited and CSL Stockbrokers reported pre-tax profits of N198 million, 128 per cent higher than the same period in 2013.'