FCMB Group Plc has announced gross earnings of N516.8 billion in 2023, representing an 82.6 percent growth from Financial Year (FY) 2022.
In its unaudited annual report and financial statements for Financial Year (FY) .2023, the group said it enjoyed increased interest income, as it recorded a net interest income of N177.42 billion in 2023, representing a 45.4 percent growth from 2022.
It also reported a pre-tax profit of N101.46 billion in FY 2023, representing a 177.4 percent growth from 2022.
In terms of net income, FCMB Group reported a 206.9 percent growth as it posted a net income of N95.52 billion in 2023, from N31.13 billion recorded in 2022.
The group recorded a total comprehensive income of N145.69 billion in 2023, on the back of a N26.52 billion gain accrued from foreign currency translation differences.
Further breakdown of the results shows that FCMB recorded a trading income of N11.09 billion on FGN bonds in 2023, representing a 98.3 percent increase from 2022.
The group also recorded a N4.32 billion trading loss on treasury bills, marking a 165.4 percent decrease from the N6.60 billion profit recorded in 2022.
It recorded a foreign exchange gain of N84.25 billion in FY 2023, which was a whopping 1860 percent increase from the N4.30 billion foreign exchange gain recorded in FY 2022.
In the fiscal year 2023, FCMB Group significantly augmented its portfolio in securities assets, reaching a total of N478.23 billion. This figure marks a notable surge of 86.9 percent compared to the N255.87 billion recorded in the previous year, 2022.
Notably, the lion’s share of this investment was directed towards Federal Government of Nigeria (FGN) bonds, amounting to N380.27 billion. This represents a substantial increase of 94.6 percent when compared to the N195.37 billion allocated to FGN bonds by the group in the fiscal year 2022.
Meanwhile, the group is warming up to redeem N82.6 billion maturing debt secured from four different financiers.
The debts were secured from Oikocredit Cooperative Society, Netherlands, Societe De Promotion et De Participation Pour La Cooperation Economique SA. (Proparco), African Export-Import Bank (Afrexim) and African Development Bank (AfDB).
This was revealed in the financial statement for 2023. FCMB secured $10 million from Oikocredit Cooperative Society, Netherlands and has an outstanding balance of N4.87 billion maturing April 2026.
“The amount of N4,874,609,000 (31 December 2022: N3,727,422,000) represents an unsecured facility of $10million granted by Oikocredit Cooperative Society, Netherlands repayable installmentally over a tenor of 5 years maturing 20 April 2026 with an interest rate of 6 months USD SOFR + 5.0 per cent,” the books revealed.
The group secured a loan amount of N28.31bn (31 December 2022: N16,170,632,000), representing an unsecured facility of $35m granted by Proparco.
The debt is repayable after a tenor of 5 years maturing 26 November 2026 with an interest rate of 6 months USD SOFR + 5.40 per cent.
FCMB also secured N23.3 billion (31 December 2022: N27,665,668,000) which represents an unsecured facility of $100m granted by Afrexim Bank.
The loan amount is repayable in installments over a tenor of 3 years maturing 30 June 2024 with an interest rate of 3 months USD SOFR + 5.65 percent.
The group said it has not defaulted in the payment of principal or interest or “been in breach of any covenant relating to the liabilities during the year December 31, 2022.”
