FCMB : QUARTER 2 - FINANCIAL STATEMENT FOR 2023

For the period ended 30 June 2023

CONSOLIDATED AND SEPARATE STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

GROUP

COMPANY

In thousands of Naira

Note

30 JUN 2023

30 JUN 2022

30 JUN 2023

30 JUN 2022

Gross earnings

238,181,504

126,224,252

6,005,110

2,871,891

Interest and discount income

8

149,025,529

98,087,547

407,076

257,321

Interest expense

9

(76,709,603)

(37,920,056)

(65,334)

-

Net interest income

72,315,926

60,167,491

341,742

257,321

Fee and commission income

11

28,467,752

22,068,468

861,145

444,008

Fee and commission expense

11

(5,554,794)

(5,067,253)

(3,824)

(119)

Net fee and commission income

22,912,958

17,001,215

857,321

443,889

Net trading income

12

8,226,246

6,129,435

-

-

Other revenue

14(a)

52,192,426

(640,619)

4,630,616

2,096,768

60,418,672

5,488,816

4,630,616

2,096,768

Other income

14(b)

269,551

579,421

106,273

73,794

Net impairment losses on financial instruments

10

(47,082,437)

(10,697,004)

(2,504,586)

-

Personnel expenses

15

(21,162,996)

(16,585,142)

(570,455)

(427,920)

Depreciation and amortisation expenses

16

(5,301,877)

(4,267,985)

(10,364)

(9,901)

General and administrative expenses

17

(25,120,112)

(21,123,565)

(385,749)

(203,905)

Other operating expenses

18

(19,018,812)

(15,134,367)

(106,222)

(62,412)

Profit before minimum tax and income tax

38,230,873

15,428,880

2,358,576

2,167,634

Minimum tax

20

(450,000)

(450,000)

-

-

Taxation charge

20

(2,370,992)

(1,316,169)

-

-

Profit for the period

35,409,881

13,662,711

2,358,576

2,167,634

Other comprehensive income

Items that will not be reclassified to profit or loss:

Unquoted equity investments at fair value through other comprehensive income:

- Net change in fair value

24(i)

-

14,018

-

-

- Foreign currency translation differences

24(i)

-

-

-

-

-

14,018

-

-

Items that may be subsequently reclassified to profit or loss:

Debt investments at fair value through other comprehensive income:

- Net change in fair value

24(i)

2,999,996

(732,967)

-

-

- Net impairment reclassified from profit or loss

24(c)

-

-

-

-

2,999,996

(732,967)

-

-

Foreign currency translation differences for foreign operations

14,962,504

(174,638)

-

-

17,962,500

(907,605)

-

-

Other comprehensive income for the period, net of tax

17,962,500

(893,587)

-

-

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

53,372,381

12,769,124

2,358,576

2,167,634

Profit attributable to:

Equity holders of the Company

35,270,596

13,549,642

2,358,576

2,167,634

Non-controlling interests

139,285

113,069

-

-

35,409,881

13,662,711

2,358,576

2,167,634

Total comprehensive income attributable to:

Equity holders of the Company

53,233,096

12,690,613

2,358,576

2,167,634

Non-controlling interests

139,285

78,511

-

-

53,372,381

12,769,124

2,358,576

2,167,634

Basic and diluted earnings per share (Naira)

19

3.58

1.38

0.24

0.22

GROUP

COMPANY

In thousands of Naira

Note

30 JUN 2023

31 DEC 2022

30 JUN 2023

31 DEC 2022

ASSETS

Cash and cash equivalents

21

383,976,071

247,485,623

85,007

30,607

Non-pledged trading assets

22(a)

137,603,810

160,730,775

-

-

Derivative assets held for risk management

23(a)

-

853,709

-

-

Investment securities

24

633,318,892

524,573,025

9,541,928

8,023,508

Assets pledged as collateral

25

124,792,898

79,009,207

-

-

Loans and advances to customers

26

1,540,574,086

1,195,626,586

-

-

Other assets

27

240,511,736

192,385,077

3,029,765

6,353,476

Restricted reserve deposits

28

569,497,675

493,359,709

-

-

Investment in subsidiaries

29

-

-

132,228,197

132,228,197

Property and equipment, and right of use assets

30

51,480,368

50,967,522

24,399

30,165

Intangible assets

31

29,829,731

29,637,593

12,094

12,094

Deferred tax assets

32

8,494,459

8,423,731

-

-

Total assets

3,720,079,726

2,983,052,557

144,921,390

146,678,047

LIABILITIES

Trading liabilities

23(b)

-

1,883,937

-

-

Derivative liabilities held for risk management

23(b)

-

1,699,900

-

-

Deposits from banks

33

218,400,548

124,365,459

-

-

Deposits from customers

34

2,378,452,129

1,944,908,569

-

-

Retirement benefit obligations

35

519,840

23,384

-

-

Current income tax liabilities

20(ii)

6,010,622

7,180,286

59,830

72,584

Deferred tax liabilities

32(a)

455,598

391,897

-

-

Other liabilities

36

234,757,355

196,902,171

8,951,412

8,102,130

Provision

37

10,204,270

7,514,884

-

-

On-lending facilities

38

289,479,109

249,191,651

-

-

Debt securities issued

39

117,580,787

84,745,841

-

-

Borrowings

40

119,662,230

88,364,968

855,775

856,858

Total liabilities

3,375,522,488

2,707,172,947

9,867,017

9,031,572

EQUITY

Share capital

41(b)

9,901,355

9,901,355

9,901,355

9,901,355

Share premium

42

115,392,414

115,392,414

115,392,414

115,392,414

Additional Tier 1 (AT1) Capital issued

41(B)

20,686,000

-

-

-

Retained earnings

42

104,538,530

74,561,490

9,760,604

12,352,706

Other reserves

42

93,008,429

75,045,929

-

-

Total Equity attributable to owners of the Company

343,526,728

274,901,188

135,054,373

137,646,475

Non-controlling Interests

1,030,510

978,422

-

-

344,557,238

275,879,610

135,054,373

137,646,475

Total liabilities and equity

3,720,079,726

2,983,052,557

144,921,390

146,678,047

Ladi Balogun

Deji Fayose

Group Chief Executive

Chief Financial Officer

FRC/2013/IODN/00000001460

FRC/2021/001/00000025061

Non-

Additional Tier

Retained

Statutory

AGSMEIS

Forbearance

Translation

Fair value

Regulatory risk

controlling

Share capital Share premium

1 (AT1) Capital

earnings

reserve

reserve

Reserve

reserve

reserve

reserve

Interest

Total equity

Balance at 1 January 2023

9,901,355

115,392,414

-

74,561,490

19,229,282

4,697,947

1,960,712

12,541,206

21,636,782

14,980,000

978,422

275,879,610

Profit for the period

-

-

-

35,270,596

-

-

-

-

-

-

139,285

35,409,881

Other comprehensive income

Equity investments at fair value through other comprehensive income

-

-

-

-

-

-

-

-

-

-

-

-

Debt investments at fair value through other comprehensive income

-

-

-

-

-

-

-

-

2,999,996

-

-

2,999,996

Foreign currency translation differences for foreign operations

-

-

-

-

-

-

-

14,962,504

-

-

-

14,962,504

Total comprehensive income for the period

-

-

-

35,270,596

-

-

-

14,962,504

2,999,996

-

139,285.29

53,372,381

Transactions with equity holders, recorded directly in equity

Additional Tier 1 (AT1) Capital issued

-

-

20,686,000

-

-

-

-

-

-

-

-

20,686,000

Issuing Cost of additional Tier 1 (AT1) Capital

-

-

-

(318,086)

-

-

-

-

-

-

-

(318,086)

Transfer to statutory reserve

-

-

-

-

-

-

-

-

-

-

-

-

Transfer to AGSMEIS reserve

-

-

-

-

-

-

-

-

-

-

-

-

Transfer from regulatory risk reserve

-

-

-

-

-

-

-

-

-

-

-

-

Transactions with owners recorded directly in equity

Dividend paid

-

-

-

(4,950,678)

-

-

-

-

-

-

-

(4,950,678)

Transactions with minority shareholders recorded directly in equity

Dividend paid

-

-

-

-

-

-

-

-

-

-

(87,197)

(87,197)

Adjustment on Group retained earnings

-

-

-

(24,792)

-

-

-

-

-

-

-

(24,792)

Total contributions by and distributions to equity holders

-

-

20,686,000

(5,293,556)

-

-

-

-

-

-

(87,197)

15,305,247

Balance at the period

9,901,355

115,392,414

20,686,000

104,538,530

19,229,282

4,697,947

1,960,712

27,503,710

24,636,778

14,980,000

1,030,510

344,557,238

Balance as at 1 January 2022

9,901,355

115,392,414

-

62,872,102

15,544,938

3,521,475

1,960,712

10,950,928

18,490,731

4,590,000

581,059

243,805,714

Profit for the year

-

-

-

30,900,747

-

-

-

-

-

-

227,944

31,128,691

Other comprehensive income

Equity instruments at fair value through other comprehensive income

-

-

-

-

-

-

-

-

12,360,817

-

-

12,360,817

Debt instruments at fair value through other comprehensive income

-

-

-

-

-

-

-

-

(9,214,766)

-

-

(9,214,766)

Foreign currency translation differences for foreign operations

-

-

-

-

-

-

-

1,590,278

-

-

(4,174)

1,586,104

Total comprehensive income for the year

-

-

-

30,900,747

-

-

-

1,590,278

3,146,051

-

223,771

35,860,846

Transfer between reserves

Transfer to statutory reserve

-

-

-

(3,684,344)

3,684,344

-

-

-

-

-

-

-

Transfer to AGSMEIS reserve

-

-

-

(1,176,472)

-

1,176,472

-

-

-

-

-

-

Transfer to regulatory risk reserve

-

-

-

(10,390,000)

-

-

-

-

-

10,390,000

-

-

Transfer to forebearence reserve

-

-

-

-

-

-

-

-

-

-

-

-

Transactions with owners recorded directly in equity

Dividend paid

-

-

-

(3,960,542)

-

-

-

-

-

-

-

(3,960,542)

Transactions with minority shareholders recorded directly in equity

Dividend paid

-

-

-

-

-

-

-

-

-

-

(34,880)

(34,880)

NCI share of on Acqusition of AIICO pensions

-

-

-

-

-

-

-

-

-

-

208,472

208,472

-

-

-

(19,211,358)

3,684,344

1,176,472

-

-

-

10,390,000

173,592

(3,786,950)

Balance at 31 December 2022

9,901,355

115,392,414

-

74,561,490

19,229,282

4,697,947

1,960,712

12,541,206

21,636,782

14,980,000

978,422

275,879,610