FCMB Reports Gross Earnings of N516.8 Billion in 2023

FCMB Group Achieves Record-Breaking Growth with N516.8 Billion Gross Earnings in 2023.

 

FCMB Group Plc recently unveiled its unaudited annual report and financial statements for the fiscal year 2023, showcasing remarkable achievements and robust financial performance.

Key Financial Highlights: FY 2023 (Year-on-Year % Change)

1. Gross Earnings Surge: FCMB Group reported a significant growth of 82.6%, reaching N516.8 billion in gross earnings compared to N282.98 billion in FY 2022.
2. Interest Income Boom: The group experienced a 45.4% increase in net interest income, totaling N177.42 billion in 2023 compared to N121.98 billion in 2022.
3. Profit Soars: FCMB Group recorded an outstanding pre-tax profit of N101.46 billion, marking a remarkable 177.4% growth from the previous year.
4. Impressive Net Income: The group achieved a remarkable 206.9% growth in net income, posting N95.52 billion in 2023, a substantial increase from N31.13 billion in 2022.
5. Comprehensive Income Boost: FCMB Group reported a total comprehensive income of N145.69 billion in 2023, fueled by a N26.52 billion gain from foreign currency translation differences.
6. Strategic Investment in Assets: The group significantly expanded its securities assets portfolio, reaching N478.23 billion, marking an impressive 86.9% surge from the previous year.
7. Strong Financial Position: FCMB Group’s total assets rose to N4.41 trillion, indicating a substantial 47.9% increase from N2.98 trillion in FY 2022.
8. Equity Growth: The group’s total equity reached N460.74 trillion, demonstrating a commendable 67.0% growth from N275.88 billion in the previous fiscal year.
9. Trading Income Highlights: FCMB Group achieved a notable trading income of N11.09 billion on FGN bonds, registering a substantial 98.3% increase from 2022.
10. Foreign Exchange Gains: The group reported an impressive foreign exchange gain of N84.25 billion in FY 2023, reflecting an astounding 1860% increase from the previous year.
11. Strategic Bond Investments: FCMB Group directed a significant portion of its investment towards Federal Government of Nigeria (FGN) bonds, amounting to N380.27 billion, a notable 94.6% increase from FY 2022.
12. Treasury Bills Performance: While recording a trading loss of N4.32 billion on treasury bills, the group demonstrated resilience, marking a 165.4% decrease from the previous year.

 

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In summary, FCMB Group’s outstanding financial performance in 2023 showcases its resilience, strategic investments, and commitment to growth. These results position the group as a formidable player in the financial industry.