Gross Earnings: The Bank’s gross earnings for its half year report, recorded some marginal appreciation of 6.98%, as the 2019 half year figure stood at N89.786 billion, as against N83.925 billion recorded in 2018 half year report, this increase arose from Interest & Discount income and fees & commission income that both inched higher by 9.44% and 8.81% respectively.
Revenue: The Bank’s interest income performance for its half year appreciated by 9.44% between the 2019 and 2018, as at June YTD, interest income stood at N70.378 billion as against N64.310 billion, this increase arose from the significant appreciation recorded in the following income line; Interest Income on Cash and Cash Equivalent and Interest Income on Investment Securities that both inched higher by 235.50% to 34.77% respectively.
Operating Expenses: The operating expenses for the Banks half year report, recorded a marginal increase of 6.42%, this increase was fueled by personal expenses and general & administrative expenses that both increase by 16.15% and 9.82% respectively.
Bottom Line: The Banks overall performance indicated some sights of growth that was influenced by moderate Credit Impairment Charges that declined by 25.02% from the previous period charges that stood at N7.33 Billion, while the Bank’s OPEX was also kept within the bandwidth of Gross Earnings and Revenue that appreciated by 6.98% and 9.44% respectively. In view of the above, the Bank posted a PAT of N7.5 Billion for 2019 half year as against N5.7 Billion for 2018 half year, which represent a 31.6% growth, the Bank’s will be expected to maintain this trend of performance once it is able to grow its Revenue at a higher proportion to OPEX.FCMB HALF YEAR 2019 RESULT ANALYSIS