Shareholders of FCMB Group Plc will be delighted with the performance of their company which released impressive results for its FY 2022 operations.
FCMB Group Plc in its annual report and financial statements for the full-year ending 31st December 2022 recorded a 55.8 percent growth in its profit for the year to N32.59 billion from N20.92 billion in the previous year.
The Group recorded interest income of N120.40 billion during the review period as against N90.91 billion in the equivalent year, reflecting a 32.4 percent increase. Its gross earnings which followed the growth trajectory was a 32.9 percent rise to N281.75 billion from N212.01 billion in FY 2021.
Result from operating profit of N37.10 billion as against N22.62 billion, reflecting a significant 64 percent increase, impacted on both the pre-tax and post-tax profits.
Profit before tax grew from N22.71 billion to N37.10 billion, or 63.3 percent while profit after tax jumped to N32.59 billion from N20.91 billion or 55.8 percent.
Despite the tough operating environment, FCMB’s sterling performance for the review period will boost investors’ confidence with a positive 56.2 percent change in the firm’s earnings per share which soared to N1.64 from N1.05.
Looking at the bottomline, the growth in pre-tax profit was due to the increase in revenue gross earnings for the period amid inflation. Interest and discount income stood at N217.99 billion, driven by cash and cash equivalents, loans and advances to customers, investment securities and amortization cost as well as Investment securities at Fair Value Through Other Comprehensive Income (FVOCI).
The shareholders will definitely applaud the management when they meet at the next Annual General Meeting (AGM) later in the second quarter when Otunba Subomi Balogun, founder of the 41-year-old group, would have marked his 89th birthday on March 9.
Anthony Awunor, is a business correspondent who holds a Bachelor of Arts Degree in Linguistics (UNILAG). He is also an alumnus of the Nigerian College of Aviation Technology (NCAT), Zaria Kaduna State. He lives in Lagos.
