FCMB Plc. Posts 28.83% PAT Growth in HY’2020mbcfin
The HY’2020 result of FCMB Plc showed that gross earnings rose by 9.35% to N98.18 bn in the current period from N89.79 bn in HY’2019. Interest income advanced by 8.20% from N70.38 bn in HY’2019 to N76.15 bn in the current period. Net interest income increased by 17.40% to N45.38 bn in HY’2020 from N38.65 bn in HY’2019. The increase in net interest income was driven by the rise in interest income and by a 3.01% decline in interest expense. Profit before tax increased by 25.58% from N8.82 bn recorded in HY’2019 to N11.07 bn in the current period. The increase in profit was due to a 149.79% and 10.93% increase in other revenue and net trading income, respectively. Profit after tax advanced by 28.83% from N7.53 bn in HY’2019 to N9.70 bn in HY’2020. Consequently, earnings per share went up by 28.95% from N0.38 in HY’2019 to N0.49 in the current period. FCMB currently trades at N1.95.