FCMB Group deployed a mix of strategies, including top-line expansion and cost management, to deliver a 90.5 per cent increase in net profit for the six months to June, compared with a year earlier, the latest accounts of the bank holding company published on Monday showed.
Gross earnings climbed to N676.2 billion from N529.2 billion, with 88.8 per cent of it solely contributed by interest and discount income, setting the scene for the big earnings boost, which was partly driven by a reduction in some major expenses.
Cost-to-income ratio dropped to 41.4 per cent from 57 per cent one year prior, strengthening earnings.
FCMB Limited, the group’s commercial banking division, continued to dominate performance across key income streams and accounted for more than three-quarters of post-tax profit.
The other divisions, including Credit Direct, its consumer lending business that offers payroll-based loans to customers, are all currently profitable, contributing their share to the bottom line.
