FCMB : QUARTER 1 - FINANCIAL STATEMENT FOR 2023

FCMB Group Plc Financial Statements

Period ended 31 March 2023

FCMB GROUP PLC

FINANCIAL STATEMENTS - 31 MARCH 2023

Contents	Page
Financial statements:
Consolidated and separate statements of profit or loss and other comprehensive income	1
Consolidated and separate statements of financial position	2
Consolidated and separate statements of changes in equity	3 - 4
Consolidated and separate statements of cashflows	5
Notes to the consolidated and separate financial statements	6 - 38

FCMB Group Plc

Consolidated and Separate Financial Statements

For the period ended 31 March 2023

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

		GROUP	COMPANY
In thousands of Naira	Note	31 MAR 2023	31 MAR 2022	31 MAR 2023	31 MAR 2022
Gross earnings		87,433,824	58,305,067		1,889,137	1,117,235
Interest and discount income	8	66,042,998	46,690,169		191,781	134,635
Interest expense	9	(34,311,638)	(18,542,401)		(32,486)	-
Net interest income		31,731,360	28,147,768		159,295	134,635
Fee and commission income	11	14,409,083	10,230,066		339,541	203,785
Fee and commission expense	11	(2,626,343)	(2,612,625)		(2,130)	(11)
Net fee and commission income		11,782,740	7,617,441		337,411	203,774
Net trading income	12	4,931,633	2,508,655		-	-
Other revenue	14(a)	1,837,990	(1,378,610)		1,303,303	731,682
		6,769,623	1,130,045		1,303,303	731,682
Other income	14(b)	212,120	254,787		54,512	47,133
Net impairment losses on financial instruments	10	(5,146,618)	(4,127,058)		-	-
Personnel expenses	15	(10,401,231)	(7,612,860)		(278,004)	(183,585)
Depreciation and amortisation expenses	16	(2,694,905)	(2,086,392)		(5,093)	(4,840)
General and administrative expenses	17	(12,020,494)	(9,705,789)		(188,085)	(106,421)
Other operating expenses	18	(9,521,666)	(7,598,931)		(52,304)	(18,165)
Profit before minimum tax and income tax		10,710,929	6,019,011		1,331,035	804,213
Minimum tax	20	(225,000)	(225,000)		-	-
Taxation charge	20	(1,193,552)	(627,966)		-	-
Profit for the period		9,292,377	5,166,045		1,331,035	804,213
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)	-	1,057		-	-
- Foreign currency translation differences	24(i)	-	-		-	-
		-	1,057		-	-
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)	(2,466,683)	91,040		-	-
- Net impairment reclassified from profit or loss	24(c)	-	-		-	-
		(2,466,683)	91,040		-	-
Foreign currency translation differences for foreign operations		(1,413)	(432,324)		-	-
		(2,468,096)	(341,284)		-	-
Other comprehensive income for the period, net of tax
	(2,468,096)	(340,227)		-	-
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD		6,824,281	4,825,818		1,331,035	804,213
Profit attributable to:
Equity holders of the Company		9,219,732	5,095,959		1,331,035	804,213
Non-controlling interests		72,645	70,086		-	-
		9,292,377	5,166,045		1,331,035	804,213
Total comprehensive income attributable to:
Equity holders of the Company		6,750,779	4,773,159		1,331,035	804,213
Non-controlling interests		73,502	52,659		-	-
		6,824,281	4,825,818		1,331,035	804,213
Basic and diluted earnings per share (Naira)	19	1.88	1.04		0.27	0.16

The accompanying notes are an integral part of these consolidated and separate financial statements.

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FCMB Group Plc

Consolidated and Separate Financial Statements

For the period ended 31 March 2023

		GROUP	COMPANY
In thousands of Naira	Note	31 MAR 2023	31 DEC 2022	31 MAR 2023	31 DEC 2022
ASSETS
Cash and cash equivalents	21	287,974,416	247,485,623	2,588,285	30,607
Non-pledged trading assets	22(a)	87,806,992	160,730,775	-	-
Derivative assets held for risk management	23(a)	-	853,709	-	-
Investment securities	24	518,057,473	524,573,025	7,751,520	8,023,508
Assets pledged as collateral	25	140,325,037	79,009,207	-	-
Loans and advances to customers	26	1,194,832,189	1,195,626,586	-	-
Other assets	27	196,430,156	192,385,077	5,943,660	6,353,476
Restricted reserve deposits	28	588,759,709	493,359,709	-	-
Investment in subsidiaries	29	-	-	132,228,197	132,228,197
Property and equipment, and right of use assets	30	50,125,934	50,967,522	26,231	30,165
Intangible assets	31	29,418,896	29,637,593	12,094	12,094
Deferred tax assets	32	8,447,537	8,423,731	-	-
Total assets		3,102,178,339	2,983,052,557	148,549,987	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	145,581,495	124,365,459	-	-
Deposits from customers	34	2,002,322,164	1,944,908,569	-	-
Retirement benefit obligations	35	568,023	23,384	-	-
Current income tax liabilities	20(ii)	7,663,829	7,180,286	72,584	72,584
Deferred tax liabilities	32	449,244	391,897	-	-
Other liabilities	36	224,437,181	196,902,171	8,644,118	8,102,130
Provision	37	8,092,438	7,514,884	-	-
On-lending facilities	38	237,379,328	249,191,651	-	-
Debt securities issued	39	85,893,370	84,745,841	-	-
Borrowings	40	86,401,376	88,364,968	855,775	856,858
Total liabilities		2,798,788,448	2,707,172,947	9,572,477	9,031,572
EQUITY
Share capital	41(a)	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	83,781,222	74,561,490	13,683,741	12,352,706
Other reserves	42	72,576,976	75,045,929	-	-
Total Equity attributable to owners of the Company		302,337,967	274,901,188	138,977,510	137,646,475
Non-controlling Interests		1,051,924	978,422	-	-
		303,389,891	275,879,610	138,977,510	137,646,475
Total liabilities and equity		3,102,178,339	2,983,052,557	148,549,987	146,678,047

The financial statements and the accompanying notes and significant accounting policies were approved by the Board of Directors on 21 April 2023 and signed on its behalf by:

Ladi Balogun	Deji Fayose
Group Chief Executive	Chief Financial Officer
FRC/2013/IODN/00000001460	FRC/2021/001/00000025061

The accompanying notes are an integral part of these consolidated and separate financial statements.

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FCMB Group Plc

Consolidated and Separate Financial Statements

For the period ended 31 March 2023

CONSOLIDATED AND SEPARATE STATEMENTS OF CHANGES IN EQUITY

GROUP

In thousands of Naira

			Additional Tier 1	Retained	Statutory	AGSMEIS	Forbearance	Translation	Fair value	Regulatory risk Non-controlling
	Share capital	Share premium	(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	-	-	-	9,219,732	-	-	-	-	-	-	72,645	9,292,377
Other comprehensive income
Equity investments at fair value through other comprehensive income	-	-	-	-	-	-	-	-	-	-		-
Debt investments at fair value through other comprehensive income	-	-	-	-	-	-	-		(2,466,683)	-		(2,466,683)
Foreign currency translation differences for foreign operations	-	-	-	-	-	-	-	(2,270)	-	-	857	(1,413)
Total comprehensive income for the period	-	-	-	9,219,732	-	-	-	(2,270)	(2,466,683)	-	73,502	6,824,281
Transactions with equity holders, recorded directly in equity
Additional Tier 1 (AT1) Capital issued	-	-	20,686,000	-	-	-	-	-	-	-		20,686,000
Transfer to statutory reserve	-	-		-	-	-	-	-	-	-		-
Transfer to AGSMEIS reserve	-	-		-	-	-	-	-	-	-		-
Transfer from regulatory risk reserve	-	-		-	-	-	-	-	-	-		-
Dividend paid	-	-		-	-	-	-	-	-	-		-
Total contributions by and distributions to equity holders	-	-	20,686,000	-	-	-	-	-	-	-	-	20,686,000
Balance at the period	9,901,355	115,392,414	20,686,000	83,781,222	19,229,282	4,697,947	1,960,712	12,538,936	19,170,099	14,980,000	1,051,924	303,389,891
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

The accompanying notes are an integral part of these consolidated and separate financial statements.

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