• Companies
  • Updated: January 28, 2024

FCMB records over 200 per cent increase in profit

FCMB records over 200 per cent increase in profit

For the financial year ended December 2023, FCMB Group has reported a 206.86 per cent increase in its profit to N95.52bn.

This was revealed in the unaudited annual report and financial statements filed with the Nigerian Exchange Limited.

FCMB’s profit was boosted by increases in interest and discount income to N355.68bn and fees and commission income to N60.78bn.

It recorded a 82.62 per cent increase in gross earnings for the period under review, which stood at N516.79bn.

The balance sheet of the financial institution was also in the green zone as total assets rose by 47.87 per cent to N4.411tn from N2.983tn in the prior year and liabilities went up by 45.92 per cent to N3.95tn.

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