FCMB Records N22.7bn Profit

FCMB Group Plc said its profit before tax rose to N22.7bn as of the end of 2021 financial period, from N21.9bn in 2020.

The group disclosed in its financial results for the year ended December 31, 2021, that its profit after tax also rose by seven per cent to N20.9bn.

In a statement, it declared a higher dividend of 20 Kobo per share to shareholders, from 15 Kobo per share in 2020.

“The impressive result across market fundamentals shows an increased gross revenue to N212bn, representing a seven per cent growth compared to N198.4bn in 2020,” the statement said.

It added that, “The financial results also showed enhanced customers confidence in FCMB, as deposits increased by 24 per cent to N1.6tn from N1.3tn in the previous year.

“Loans and advances grew by 29 per cent to N1.1tn at the end of December 2021, as against N822.8bn the previous year. In addition, the total assets of the Group rose by 21 per cent toN2.5tn.”

FCMB Group’s assets under management rose by six per cent to N525.8bn in 2021, from N495.2bn in 2020, it added.

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