FCMB Group Plc records N6.0 billion in Profit Before Tax for 1Q2022 – a 42% Year-on-Year Growth.
LAGOS, NIGERIA – 27 April 2022 FCMB Group Plc (Bloomberg: FCMB) (“FCMB Group”) announced its Unaudited Group Results for the first quarter ended 31 March 2022.
Financial Performance Highlights:
Earnings Analysis
- Gross revenue of ₦58.3 billion for the three months ended March 2022, was a 34% growth from ₦43.5 billion for the same period prior year.
- Net interest income grew by 33% Year-on-Year from ₦21.2 billion, for the first quarter of 2021, to ₦28.1 billion for the first quarter of 2022.
- Non-interest income of ₦9.0 billion, for the three months ended March 2022, rose 10% Year-on-Year from ₦8.2 billion for the same period prior year. Gross Fees and Commissions income increased 34% Year-on-Year, driven by an increase in service fees and commissions. Trading Income also grew by 63% Year-on-Year resulting from higher volumes of fixed income instrument trades from the same period prior year.
- Operating expenses rose 16% Year-on-Year to ₦27.0 billion in the first quarter of 2022, largely due to increased regulatory costs and general inflationary pressures.
- Net impairment loss on financial assets increased by 130% Year-on-Year to ₦4.1 billion, for the three months ended March 2022, from ₦1.8 billion for the same period prior year.
- Overall, Profit after tax (PAT) grew by 45% Year-on-Year from ₦3.6 billion in 1Q 2021 to ₦5.2 billion in 1Q 2022.
Financial Position:
- Loans and advances grew by 24% Year-on-Year and 3% Quarter-on-Quarter to ₦1.1 trillion in March 2022.
- Total assets increased by 16% Year-on-Year and declined marginally by 1% Quarter-on-Quarter to ₦2.5 trillion in March 2022.
- Customer deposits grew by 19% Year-on-Year and 1% Quarter-on-Quarter to ₦1.6 trillion in March 2022.
- Assets Under Management grew by 43% Year-on-Year to ₦713 billion in March 2022.
1Q22 Key Ratios:
- Capital Adequacy Ratio – 15.75%.
- Liquidity Ratio – 32.1%.
- Non-Performing Loans (NPL) to Total Loans Ratio – 4.7%.
- Cost to Income Ratio – 72.7%
- Net Interest Margin – 7.1%.
- Earnings per share – 26 Kobo.
Conference Call & Webcast for Results
FCMB Group Plc (Bloomberg: FCMB) will be hosting a conference call and webcast for analysts and investors on Friday 6 May at 15.00 Lagos & London/ 10.00 New York/ 16.00 Johannesburg, with its senior and divisional management to review these Results and respond to questions from investors and analysts.
Please could you kindly note that due to the ongoing COVID-19 pandemic, Telco carriers worldwide are still experiencing a high demand, due to the increased amount of people working remotely, thereby, putting pressure on the local carriers, creating some uncontrollable issues like dialling-in participants experiencing beeping tones, audio distortions or/ and line cut offs.
Therefore, we strongly recommend that this webcast link – https://edge.media-server.com/mmc/p/p4zqh2b8 - is used as the main source of listening to the call, with only those participants who plan to ask questions dialling in. Though, it is also noteworthy that, via the webcast, participants will have the option to type and send us written questions, without the need to dial in.
Participants should please log-on to the webcast/ register for the call at least fifteen minutes before the start of the conference call.
Participants can log on to the link for the webcast by clicking on https://edge.media-server.com/mmc/p/p4zqh2b8 or by going to the ‘Upcoming Events’ or ‘What’s New’ sections on FCMB’s Investor Relations homepage, which can be accessed by clicking on www.fcmbgroup.com/investor-relations
OR:
Conference call details for participants:
In the 15 minutes prior to the call’s start time, please call the appropriate participant dial-in number and enter the Event Plus Passcode stated below. Please leave any information requested after the tone.
The conference call facility can be accessed by dialing:
Lagos Access Number: +234 1 227 8971
UK Access Number: +44 (0) 844 481 9752
USA Access Number: +1646 741 3167
South Africa Access Number: +27 105 002 178
And then entering the following Event Plus Passcode: 3496634
Participants will have to quote the above code when dialing into the conference call.
The presentation and all other related documents, for the call, will be posted under the ‘What’s New’ section on FCMB’s Investor Relations homepage, which can be accessed by clicking on www.fcmbgroup.com/investorrelations from 13.00 (Lagos & London) on Friday 6 May.
For those who are unable to listen to the live call, the recording of the webcast will be available under ‘Financial Results – 2021’ by clicking on the ‘Financial Information’ tab on FCMB’s Investor Relations website, which can be accessed by clicking on www.fcmbgroup.com/investor-relations The webcast recording will be done in real-time, so it will be available as soon as the conference call & webcast begins at 15.00 (Lagos & London) on Friday 6 May.
For further information, please contact:
Tunji Onamusi: Head - Investor Relations, FCMB Group Plc
Tel: +234 (0) 1 279 30 30 and +234 (0) 1 279 30 33
Email: tunji.Onamusi@fcmb.com
Deji Fayose: Chief Financial Officer, FCMB Group Plc
Email: Deji.Fayose@fcmb.com