Nigerian Bank, FCMB Slammed With Over N3 million Penalty

FCMB Group was penalised in the second quarter of 2022, its financial statement, released on Tuesday, has revealed. The company also increased its turnover for the period under review.

In the earnings report obtained from the portal of the Nigerian capital market authority, Nigerian Exchange Limited (NGX), it was gathered that in the second quarter, FCMB Group, led by Yemisi Edun, was slammed with N3.90 million penalty.

Despite the penalty eating into FCMB Group revenue between April to June, it was lower than the N162.69 million penalty that the financial institution was hit with during the corresponding period of Q2 2021.

While FCMB management didn’t disclose the reason for the penalty, it was gathered that the Company made up for the financial liability the penalty causes, by increasing revenue in Q2 2022.

At the end of the second quarter this year, FCMG Group reported a turnover of N126.22 billion, which is N31.9 billion higher than the N94.22 billion that was generated during the same period last year.

This represents 33.9% growth, and the net interest income followed the same path, rising by 39.9% to N60.16 billion, within the three months period in Q2 2022, against the N42.9 billion reported in the corresponding period last year.

Also, FCMB recorded an increase in profit after tax for the period under review, as it closed the three months with N13.66 billion, surpassing the N7.55 billion the lender posted as PAT for the second quarter of 2021.