FCMB Group projects N79.34 billion gross earnings for Q1 2023

According to FCMB Group Plc, its goal for the first quarter of 2023 is to generate gross revenues of N79.34 billion. This information may be seen in their Q1 2023 earnings statement, which was made public via the Nigerian Exchange (NGX) and accessed by RNN.

In addition, the group anticipated earning N63.82 billion in interest income. Targets for profit were set at N9.58 billion and N8.48 billion, respectively, before taxes. While N31.14 billion was projected for interest costs, N1.1 billion was projected for taxes during that time.

Gross income for the nine months ending September 30 at FCMB Group Plc 2022 increased by 33.85% year over year to N200.067 billion from N149.467 billion because of a growth in loans and advances, aided by higher interest rates.

Benefiting from significant loan growth and a better return environment, interest income increased by +33.12% year over year to N154.083 billion from N115.750 billion in 2021.

Loans and advances to customers’ interest income increased by 24.09% to N123.013 billion in 2022 from N99.132 billion in 2021. The income from advances and loans contributed 79.83% of the period’s interest income.

As a result of an increase in credit-related fees and revenue, electronic banking income, and trade transaction income, among other things, expenses and commission income increased to N34.587 billion in the third quarter of 2022 from N25.622 billion in the previous quarter. Profit before tax for the bank increased significantly, rising by 68.37% from N15.741 billion in 2021 to N26.504 billion in 2022.

FCMB reduces the unemployment gap with an internship programme

First City Monument Bank has announced that it gave 30 new graduates, aged 18 to 30, the chance to gain job experience through its yearly internship program in an effort to fulfill its obligation to help close the unemployment gap.

According to a statement, the bank disclosed the information at the induction and certificate presentation for the 2022 Flexxtern participants in Lagos.

Felicia Obozuwa, Divisional Head, Corporate Services & Service Management, FCMB, reaffirmed the bank’s commitment to advocating and carrying out programs that elevate and prepare young people for the future of their ambitions during her remarks at the induction ceremony.

“We are proud of our Flexxtern success stories and the incredible number of young people who have taken advantage of it to start up enviable careers with FCMB and our amazing partners.”

Obozuwa continued by saying that the business is hopeful that the intern program and similar initiatives would contribute to developing Nigeria’s pipeline for future leaders.

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