FCMB Group Plc has recorded profit of N6.928 billion for the fourth quarter financial result, ended December last year.
The result represents an increase of N3.298 billion or 90.85 per cent compared with N3.630 billion recorded in the preceding year.
The profit before tac also up by N3.528 billion to N7.202 billion from N3.674 billion achieved in the comparative period of 2018.
The group earnings for the fourth quarter of 2019 increased from N44.374 billion made in the previous year to N50.860 billion in the period under review.
The company unaudited financial result for the year ended December 31, 2019 showed that profit for the year stood at N17.720 billion, increasing by N2.749 billion or 18.36 per cent compared with N14.971 billion recorded in the preceding year.
The company unaudited financial result also indicated that profit before tax surged by N1.563 billion or 8.48 per cent to N20.005 billion from N18.442 billion achieved in the comparative period of last year.
An analysis of the company result showed that gross earnings went up to N186.683 billion from N177.248 billion in the preceding year, representing a growth of N9.435 billion or 5.32 per cent.
Interest and discount income grew from N131.662 billion in the corresponding year to N141.278 billion while interest expenses declined from N59.089 billion recorded in corresponding period to N63.992 billion, leading to net interest and discount income of N77.286 billion against N72.573 billion reported in 2018.
Fee and Commission income to N29.834 billion from N 27.986 billion in the comparable period of 2018 audited result while fee and commission expenses rose to N9.079 billion from N6.379 billion reported in the preceding year, bringing net fee and commission income lower to 30.755 billion from N21.606 billion.