FCMB Group declares N14.7bn profit in 2013 Q3

FCMB Group Plc, the holding company of First City Monument Bank and its subsidiaries, has declared a Profit before tax, (PBT) of N14.7 billion for the third quarter nine-month period ended September 30, 2013.

The Group’s financial position, which was made available to the Nigerian Stock Exchange, (NSE) indicated that the figure represented an increase of 21 percent when compared with the N12.1 billion that was attained in the corresponding period in 2012.

A further analysis of the result showed that the group’s gross income in 2013 Q3 has risen to N96.6 billion from the N84.7 billion mark of 2012 Q3 representing a 14 percent increase.

FCMB Group’s net interest income also witnessed a 19.13 percent year-on-year, (YoY) growth from N34.5 billion in 2012 Q3 to N41.1 billion in 2013 Q3.

It was further gathered that the group’s net provisions for risk assets and other known losses as at 2013 Q3 stood at N3 billion as against the N0.7 billion for the same period in 2012.

The operating expenses as at 2013 Q3 also stood at N43.8 billion as against the N39.8 billion recorded in the third quarter of 2012 representing a 10.05 percent increase.

The group’s total assets also increased by 7.7 percent from the N908.5 billion recorded in December 2012 to N978.6 billion in 2013 .

The statement further revealed that there was a 12 percent growth in the group’s customer deposits base which stood at N690.6 billion as at 2013 Q3 while loans and advances rose by 21 percent year-on-year, (YoY) and 13 percent quarter-over-quarter to N439.4 billion.