Business

FCMB reports N208.5bn in revenue, as interest expense rises

Published

2 years ago

January 27, 2022

First City Monument Bank (FCMB) has released its financial statements for the period ended December 31, 2021, with the commercial lender reporting 4.5 percent growth in revenue.

The lender generated N208.52 billion in the twelve months of 2021, a moderate growth when compared to the N199.43 billion FCMB reported for the same period the previous year.

It’s interest income hit N161.58 billion during the period under review, against N151,02 billion the creditor recorded during the corresponding period of 2020, its financial statements reads.

However, interest expense weighed on FCMB‘s turnover, settling at N71.11 billion between January to December 2021, topping the N60.2 billion interest expense reported a year before.

Meanwhile, FCMB’s profit before tax for the period ended December 2021 was N23.92 billion, higher than the N21,91 billion the lender had recorded in twelve months of 2020.

However, FCMB ended last year with N20.89 billion in profit, 6.54 percent above the N19.61 billion the company pocketed in 2020.

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