FCMB Group’s quarterly profit drops by 24.36%

FCMB Group has posted a profit after tax of N3.57 billion for the quarter ended Mar. 31, 2021, compared to N4.72 billion in the same period last year.

The financial holding company said its profit before tax fell to N4.23 billion in Q1 2021 from N5.43 billion in Q1 2020.

Its net interest income dropped to N21.23 billion in the period under review from N23.12 billion in Q1 2020 while its net fee and commission income rose to N5.66 billion from N5.05 billion, according to its unaudited financial statements.

Deposits from customers increased to N1.32 trillion in Q1 2021 from N1.26 trillion in the corresponding period last year, while loans and advances to customers rose to N886.09 billion from N822.77 billion.

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