BY BAMIDELE FAMOOFO
The management of FCMB Group has told shareholders and other stakeholders in the stock market that the unaudited financial accounts of the group will not be published earlier than November 2022.
The notice which was directed at the authority of the Nigerian Exchange Limited disclosed that the document statutorily due for release on October 30, 2022, is being delayed by the audit of the Group’s largest subsidiary- First City Monument Bank Limited.
The Bank accounts for close to 90 percent of the FCMB Group’s profitability, and according to management, its results would have a material impact on the profitability of the Group for the period ended September 30, 2022.
“The Consolidated third quarter 2022 result of the Group, will be published on or before 29 November, 29, 2022,” the statement signed by the Company Secretary, Olufunmilayo Adedibu noted.
The Group’s financial performance for the half year period ended June 30, 2022 was upbeat with a gross revenue of N126.2 billion for the six months ended June 2022, a 34.0 percent growth from N94.2 billion for the same period prior year. It was driven by a 35.0 percent growth in interest income and a 30.5 percent growth in non-interest income.
Net interest income grew by 39.9 percent from N42.9 billion, for the first six months of 2021, to N60.2 billion in H1 2022.This was driven by a growth in the yield on earning assets from 9.9 percent to 10.9 percent which led to an increase in NIM from 7.0 percent to 7.2 percent.
Digital continues to gain traction across the bank’s various businesses and accounts for 13.6 percent of gross earnings, 9.3 percent of interest income, 6.6 percent of the loan book and 7.9 percent of the AUM of our Asset Management business.
Operating expenses grew 19.1 percent Year-on-Year to N57.1 billion in the first six months of 2022, largely due to increased regulatory costs, technology related costs and general inflationary pressures.
Net impairment loss on financial assets increased Year-on-Year to N10.7 billion, for the six months ended June 2022, from N4.0 billion for the same period prior year. H1 2022 cost of risk was 1.9 percent.
PBT grew by 73.2 percent Year-on-Year to N15.4 billion with strong double-digit growth in each of our business segments as follows; Banking Group 84.2 percent, Consumer Finance 42.7 percent, Investment Management 41.9 percent, and Investment Banking 253.8 percent.
Banking subsidiaries contributed 70.8 percent of Group profits, whilst our other non-banking subsidiaries contributed 29.2 percent (Consumer Finance 13.8%, Investment Management 11.0%, and Investment Banking 4.2%).
