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FCMB Group projects N79.34 billion gross earnings for Q1 2023

FCMB Group Plc said it is targeting to achieve N79.34 billion in gross earnings during the first quarter of 2023.

This is contained in its Q1 2023 earnings forecast released via the Nigerian Exchange (NGX) and seen by Nairametrics.

The projections: The group also projected to rake in N63.82 billion in interest income. Targets for profit before and after tax were put at N9.58 billion and N8.48 billion, respectively.

While the projection for interest expenses stood at N31.14 billion, forecasted taxation for the period was put at N1.1 billion.

Latest earnings: FCMB Group Plc’s gross earnings for the nine months ended September 30. 2022 grew by 33.85% y-o-y to N200.067 billion from N149.467 billion reflecting the increase in loans and advances and supported by the higher interest rate environment.

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  • Interest income grew by +33.12% y-o-y benefitting from strong loan growth and a higher yield environment to N154.083 billion from N115.750 billion in 2021.
  • Interest income from loans and advances to customers grew by 24.09% to N123.013 billion in 2022 from N99.132 billion in 2021. The income from loans and advances had a 79.83% contribution to the interest income for the period.
  • Fees and commission income grew to N34.587 billion in the third quarter of 2022 from N25.622 billion in 2021 on the back of a rise in credit-related fees and income, electronic banking income, and trade transaction income amongst others.
  • The bank recorded strong growth in profit before tax from N15.741 billion in 2021 to N26.504 billion in 2022, a growth of 68.37%.

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