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FCMB Group Plc has announced its financial results for the year ended December 31, 2021. The financial services Group has been able to sustain impressive performance across several key areas despite the challenges of the business environment. As a result, it declared a higher dividend of 20 Kobo per share to shareholders from the 15 Kobo per share in 2020.
The impressive result across market fundamentals shows an increased gross revenue to N212billion, representing a 7 per cent growth compared to N198.4 billion in 2020. Also, a profit before tax of N22.7billion from N21.9billion the prior year, while profit after tax also rose by 7 per cent to N20.9 billion. The financial results also showed enhanced customers confidence in FCMB, as deposits increased by 24 per cent to N1.6trillion from N1.3trillion in the previous year. Loans and advances grew by 29 per cent to N1.1trillion at the end of December 2021, as against N822.8 billion the previous year. In addition, the total assets of the Group rose by 21 per cent to N2.5trillion.
FCMB Group’s Assets Under Management (AUM) also sustained its growth trajectory by rising to N525.8 billion in 2021, up by 6 per cent from N495.2billion in 2020.
Net interest income grew marginally by 0.2 per cent year-on-year to N90.9 billion for full-year 2021 from N90.7 billion for the full year 2020. Non-interest income increased to N43.1billion last year, representing 17 per cent growth, as against N36.8 billion prior year. This was due to an increase in electronic fees and commissions from digital channels. Trading Income also surged by 32 per cent year-on-year, resulting from higher volumes of fixed income instrument trades.
