FCMB Group reported N32.59 billion profit after tax, the highest in five years despite a higher interest expense in the full year of 2022.
The bank’s profit grew 56 percent to N32.59 billion in the full year of 2022 from N20.91 billion in the full year of 2021.
N38.83 billion in December 2021.
The bank’s interest expense on borrowings was N11.56 billion in December 2022, a 9 percent increase from N12.74 billion in December 2021.
Interest expense on debt securities issued stood at N8.52 billion, up 15 percent from N10.04 billion in December 2021.
Interest expense on deposits from banks grew 29 percent to N5.93 billion in December 2022 from N8.37 billion in December 2021.
FCMB’s interest expense on lending facilities to N2.41 billion in December 2022, a 163 percent increase from N915 million in December 2021.
Interest expense on lease liabilities grew to N248.85 million in December 2022, up 15 percent from N215.75 million in December 2021.
FCMB’S interest and discount income jumped 34.5 percent to N218 billion in December 2022 from N162.04 billion in December 2021.
The bank recorded a net interest income of N120.41 billion in December 2022, a 32 percent increase from N91 billion in December 2021.
Percent increase from N23.26 billion in December 2021.
FCMB spent N1.08 billion on business travel in December 2022, up 91 percent from N566 million in December 2021.
Cash and cash equivalents dropped 31.3 percent to N249 billion from N362.7 billion.
Earnings per share stood at N1.64 from N1.05 in the period reviewed.
