Business and Economy

FCMB Group nets N9.6bn profit in 6 months

August 12, 2015

First City Monument Bank (FCMB) Group plc has reported increased revenue earning of 11 percent Year-on-Year (YoY) to N77.4 billion for the first six months of the year, with a pre-tax profit of N9.6 billion.

The period also saw increased business momentum, with total assets growing 15 percent YoY to N1.22 trillion and up 5 percent Year-to- Date (YTD).

Customer’s confidence in the bank remained strong, as deposits grew 4 percent during the period to N785.8 billion, just as its diversification across commercial and investment banking, and wealth management, provided some cushion as earnings from non-banking activities proved more resilient.

FCMB Limited, the retail banking subsidiary of FCMB Group, continued to validate its increased drive into retail contributing 21 percent (N1.7bn) of FCMB Limited’s profit before tax. The retail group also grew deposits 21 percent YoY to N431.2 billion, or 54 percent of total deposits.

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