FCMB Plc has announced an operating income of N45.67 billion for the half year ended June 31, 2014.
The result indicates an increase of 12 per cent over N40.77 billion earned in the corresponding period of 2013.
Analysis of the results released by the Nigerian Stock Exchange (NSE) showed that the bank’s operating expenses grew proportionally to N32.04 billion when compared against the N28.49 billion recorded in the half year of 2013, leading to the retention of cost to income ratio at 70 per cent over the period.
The results also showed an impressive growth in net interest income. For the half year period ended June 2014, the FCMB Group grew its net interest income by 20.4 per cent to N32.36 billion from N26.87 billion in the corresponding period of 2013.
A further at the results showed that although the bank’s earning assets declined from N813.9 billion in December 2013 to N788.2 billion in June 2014, the group’s total assets grew by 5.9 per cent over the period.
The results also showed that the strong growth of 23.3 per cent in loans and advances which signifies the group’s aggressive focus on financial intermediation appears to pay-off with the impressive growth in interest income for the period.