FCMB records 42% rise in Q1’22 gross profit

The FCMB Group Plc has recorded a 42 percent increase in profit before tax, PBT, to N6 billion in the first quarter of 2022, Q1’22, from the N4.2 billion recorded in the same period in 2021.

Profit after tax was up by 45% to N5.2 billion from N3.6 billion in 2021 as impressive growth across all business lines supported this performance.

The three-month results also showed a significant leap in gross revenue by 34% to N58.3 billion, from N43.5 billion for the same period last year. Net interest income also followed the growth path as this grew by 33% to N28.1 billion from N21.2 billion for the first quarter of 2021.

In addition, non-interest income rose to N9.0 billion at the end of March 2022 from N8.2 billion for the same period in 2021.

Meanwhile, FCMB has supported Nigerians with N59 billion digital loans in two million disbursement.

The bank disclosed this in a press statement saying that the loan has helped to boost financial inclusion in the country

It said: “Fast cash is proud to announce its two million loan disbursement. All the loans disbursed by the platform are worth N59 billion and have helped customers from different walks of life meet urgent financial needs and achieve their short-term objectives.

“This milestone is particularly significant because of its financial inclusion benefits. Every FastCash loan closes the access to finance gap in Nigeria and ensures the well-being of a Nigerian household.”

Courtesy: Vanguard News