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FCMB Posts 3Q Numbers, PAT Up 72%

By on October 24, 2011
FCMB Plc, an operator under the International Banking License issued by the CBN and recent acquirer of Fin Bank Plc has released its 3Q 2011 results.
The company recorded a 23.4% gain in gross earnings from N 44.5 Billion in q3 2010 to N 54.9 Billion in q3 2011.
Profit Before tax also grew 62% from N 6 Billion in 3Q 2010 to N 9.89 Billion at the end of last September.
Net Profit grew an impressive 72% from N 4.5 Billion in 3Q, 2010 to N 7.9 Billion at the end of last September.
Credit growth was down marginally as there seems to be a decline in the bank’s lending activities.
Cash and Bank balances were up 162% from N 13.4 Billion in 3Q 2010 to N 35 Billion as at September ending.
Another stand-out item on the company’s balance sheet was the N 6 Billion goodwill it booked on the consolidation with Fin Bank.
The bank seems to be on track to close the year with significant numbers.