FCMB group profit increased to N9.29 billion for the first quarter of 2023

FCMB group has released its financial results for the first quarter of the 2023 financial year, reporting an increase in revenue to N9.29 billion from N5.17 billion for 2022.

Gross earnings increased to N87.43 million from N58.3 million compared to last quarter while operating loss rose significantly to N736 million from the N560 million recorded last year.

Key details of the audited financial report are summarized below.

Profit

1^st quarter 2023: N9.29 billion

4^th quarter 2022: N5.17 billion

Gross Earnings

1^st quarter 2023: N87 million

4^th quarter 2022: N58.3 million

Total Asset

1^st quarter 2023: N3.10 billion

4^th quarter 2022: N2.98 billion

Total Liabilities

1^st quarter 2023: N2.77 billion

4^th quarter 2022: N2.70 billion

Penalties

1^st quarter 2023: N119 million

4^th quarter 2022: N65 million