FCMB GROUP PLC FCMB GROUP PLC Unaudited Interim Financial Statements
Period ended 30 September 2022
FCMB GROUP PLC
UNAUDITED INTERIM FINANCIAL STATEMENTS - 30 SEPTEMBER 2022
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 | 5 - 51 |
FCMB Group Plc.
Unaudited Interim Financial Statements
For the period ended 30 September 2022 | ||||||
CONSOLIDATED AND SEPARATE STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME | ||||||
FOR THE PERIOD ENDED 30 SEPTEMBER 2022 | ||||||
GROUP | COMPANY | |||||
In thousands of Naira | Note | 30 SEP 2022 | 30 SEP 2021 | 30 SEP 2022 | 30 SEP 2021 | |
Gross earnings | 200,067,805 | 149,467,354 | 3,469,917 | 3,431,460 | ||
Interest and discount income | 8 | 154,083,707 | 115,750,817 | 365,495 | 306,811 | |
Interest expense | 9 | (61,028,343) | (50,359,804) | - | - | |
Net interest income | 93,055,364 | 65,391,013 | 365,495 | 306,811 | ||
Fee and commission income | 11 | 34,587,341 | 25,622,655 | 686,324 | 513,433 | |
Fee and commission expense | 11 | (7,415,139) | (5,376,389) | (409) | (478) | |
Net fee and commission income | 27,172,202 | 20,246,266 | 685,915 | 512,955 | ||
Net trading income | 12 | 8,557,742 | 6,610,286 | - | - | |
Other revenue | 14(a) | 1,937,911 | 93,798 | 2,270,893 | 2,552,677 | |
10,495,653 | 6,704,084 | 2,270,893 | 2,552,677 | |||
Other income | 14(b) | 901,104 | 1,389,798 | 147,205 | 58,539 | |
Net impairment losses on financial instruments | 10 | (18,704,695) | (4,765,368) | - | - | |
Personnel expenses | 15 | (25,008,335) | (21,965,306) | (407,905) | (222,015) | |
Depreciation and amortisation expenses | 16 | (6,981,498) | (6,004,440) | (15,006) | (14,766) | |
General and administrative expenses | 17 | (33,214,845) | (24,865,505) | (658,286) | (608,782) | |
Other operating expenses | 18 | (21,210,401) | (20,388,828) | (97,742) | (100,575) | |
Profit before minimum tax and income tax | 26,504,549 | 15,741,714 | 2,290,569 | 2,484,844 | ||
Minimum tax | 20 | (868,889) | (334,116) | - | - | |
Taxation charge | 20 | (2,714,934) | (1,602,993) | - | - | |
Profit for the period | 22,920,726 | 13,804,605 | 2,290,569 | 2,484,844 | ||
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 | 5,493,227 | 19,633 | - | - | ||
- Foreign currency translation differences | - | - | - | - | ||
5,493,227 | 19,633 | - | - | |||
Items that may be subsequently reclassified to profit or loss: | ||||||
Debt investments at fair value through other comprehensive income: | ||||||
- Net change in fair value | (5,685,460) | (2,788,585) | - | - | ||
- Net impairment reclassified from profit or loss | 275,598 | 182,854 | - | - | ||
(5,409,862) | (2,605,731) | - | - | |||
Foreign currency translation differences for foreign operations | 546,398 | 613,659 | - | - | ||
(4,863,464) | (1,992,072) | - | - | |||
Other comprehensive income for the period, net of tax | ||||||
629,763 | (1,972,439) | - | - | |||
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | 23,550,489 | 11,832,166 | 2,290,569 | 2,484,844 | ||
Profit attributable to: | ||||||
Equity holders of the Company | 22,602,772 | 13,704,818 | 2,290,569 | 2,484,844 | ||
Non-controlling interests | 317,954 | 99,787 | - | - | ||
22,920,726 | 13,804,605 | 2,290,569 | 2,484,844 | |||
Total comprehensive income attributable to: | ||||||
Equity holders of the Company | 23,232,535 | 11,729,926 | 2,290,569 | 2,484,844 | ||
Non-controlling interests | 317,954 | 102,240 | - | - | ||
23,550,489 | 11,832,166 | 2,290,569 | 2,484,844 | |||
Basic and diluted earnings per share (Naira) | 19 | 1.16 | 0.70 | 0.12 | 0.13 |
The accompanying notes are an integral part of these consolidated and separate financial statements.
1
FCMB Group Plc.
Unaudited Interim Financial Statements
For the period ended 30 September 2022
CONSOLIDATED AND SEPARATE STATEMENTS OF FINANCIAL POSITION | |||||
GROUP | COMPANY | ||||
In thousands of Naira | Note | 30 SEP 2022 | 31 DEC 2021 | 30 SEP 2022 | 31 DEC 2021 |
ASSETS | |||||
Cash and cash equivalents | 21 | 303,810,633 | 362,700,083 | 64,529 | 621,755 |
Non-pledged trading assets | 22(a) | 5,845,507 | 41,538,274 | - | - |
Investment securities | 24 | 593,461,585 | 372,548,333 | 7,595,944 | 6,007,162 |
Assets pledged as collateral | 25 | 117,206,624 | 115,456,683 | - | - |
Loans and advances to customers | 26 | 1,185,050,743 | 1,063,589,192 | - | - |
Other assets | 27 | 198,207,628 | 127,410,850 | 5,998,796 | 7,849,591 |
Restricted reserve deposits | 28 | 442,875,715 | 329,739,147 | - | - |
Investment in subsidiaries | 29 | - | - | 127,378,197 | 127,378,197 |
Investment in associate | - | 6,810,651 | - | - | |
Property and equipment, and right of use assets | 30 | 49,611,992 | 47,084,551 | 39,041 | 42,815 |
Intangible assets | 31 | 29,309,535 | 17,155,970 | - | - |
Deferred tax assets | 32 | 9,163,500 | 9,163,896 | - | - |
Total assets | 2,934,543,462 | 2,493,197,630 | 141,076,507 | 141,899,520 | |
LIABILITIES | |||||
Trading liabilities | 23(b) | - | 5,174,902 | - | - |
Deposits from banks | 33 | 155,470,200 | 160,746,916 | - | - |
Deposits from customers | 34 | 1,816,842,245 | 1,554,413,623 | - | - |
Retirement benefit obligations | 35 | 356,803 | 14,855 | - | - |
Current income tax liabilities | 20(ii) | 6,236,977 | 5,449,065 | 48,386 | 50,926 |
Deferred tax liabilities | 32(a) | - | 308,729 | - | - |
Other liabilities | 36 | 247,290,203 | 199,465,224 | 8,355,259 | 7,505,765 |
Provision | 37 | 8,321,762 | 6,747,270 | - | - |
On-lending facilities | 38 | 242,136,604 | 157,873,774 | - | - |
Debt securities issued | 39 | 122,242,921 | 78,493,492 | - | - |
Borrowings | 40 | 72,156,527 | 80,704,066 | - | - |
Total liabilities | 2,671,054,242 | 2,249,391,916 | 8,403,645 | 7,556,691 | |
EQUITY | |||||
Share capital | 41 | 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 |
Retained earnings | 42 | 79,015,054 | 62,872,102 | 7,379,093 | 9,049,060 |
Other reserves | 42 | 58,187,825 | 55,058,784 | - | - |
262,496,647 | 243,224,655 | 132,672,862 | 134,342,829 | ||
Non-controlling Interests | 992,573 | 581,059 | - | - | |
263,489,220 | 243,805,714 | 132,672,862 | 134,342,829 | ||
Total liabilities and equity | 2,934,543,462 | 2,493,197,630 | 141,076,507 | 141,899,520 | |
Acceptances and guarantees | 44 | 289,592,216 | 281,178,633 | - | - |
The financial statements and the accompanying notes and significant accounting policies were approved by the Board of Directors on 21 October 2022 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.
2
FCMB Group Plc.
Unaudited Interim Financial Statements
For the period ended 30 September 2022
CONSOLIDATED AND SEPARATE STATEMENTS OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 SEPTEMBER 2022
GROUP
In thousands of Naira
Non- | |||||||||||
Retained | Statutory | AGSMEIS | Forbearance | Translation | Fair value | Regulatory risk | controlling | ||||
Share capital Share premium | earnings | reserve | reserve | Reserve | reserve | reserve | reserve | Interest | Total equity | ||
Balance 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 period | - | - | 22,602,772 | - | - | - | - | - | - | 317,954 | 22,920,726 |
Other comprehensive income | |||||||||||
Equity investments at fair value through other comprehensive income | - | - | - | - | - | - | - | 5,493,227 | - | 5,493,227 | |
Debt investments at fair value through other comprehensive income | - | - | - | - | - | - | (5,409,862) | - | (5,409,862) | ||
Foreign currency translation differences for foreign operations | - | - | - | - | - | - | 546,398 | - | - | 546,398 | |
Total comprehensive income for the period | - | - | 22,602,772 | - | - | - | 546,398 | 83,365 | - | 317,954 | 23,550,489 |
Transfer between reserves | |||||||||||
Transfer to statutory reserve | - | - | (2,499,278) | 2,499,278 | - | - | - | - | - | - | |
Transfer to AGSMEIS reserve | - | - | - | - | - | - | - | - | - | - | |
Transfer from regulatory risk reserve | - | - | - | - | - | - | - | - | - | - | |
Transfer to forebearence reserve | - | - | - | - | - | - | - | - | - | - | |
Dividend paid | - | - | (3,960,542) | - | - | - | - | - | - | (28,801) | (3,989,343) |
Adjustment of Interest in NCI | - | - | - | - | - | - | - | - | - | 122,361 | 122,361 |
Total Contributions by and distributions | - | - | (6,459,820) | 2,499,278 | - | - | - | - | - | 93,559.65 | (3,866,983) |
Balance at 30 September 2022 | 9,901,355 | 115,392,414 | 79,015,054 | 18,044,216 | 3,521,475 | 1,960,712 | 11,497,326 | 18,574,096 | 4,590,000 | 992,573 | 263,489,220 |
Balance as at 1 January 2021 | 9,901,355 | 115,392,414 | 47,482,438 | 15,084,874 | 2,089,362 | 1,960,712 | 9,804,197 | 20,891,624 | 4,133,669 | 379,555 | 227,120,200 |
Profit for the period | - | - | 13,704,818 | - | - | - | - | - | - | 99,787 | 13,804,605 |
Other comprehensive income | |||||||||||
Equity instruments at fair value through other comprehensive income | - | - | - | - | - | - | - | 19,633 | - | - | 19,633 |
Debt instruments at fair value through other comprehensive income | - | - | - | - | - | - | - | (2,605,731) | - | - | (2,605,731) |
Foreign currency translation differences for foreign operations | - | - | - | - | - | - | 611,206 | - | - | 2,453 | 613,659 |
Total comprehensive income for the period | - | - | 13,704,818 | - | - | - | 611,206 | (2,586,098) | - | 102,240 | 11,832,166 |
Transfer between reserves | |||||||||||
Transfer to statutory reserve | - | - | - | - | - | - | - | - | - | - | - |
Transfer to AGSMEIS reserve | - | - | - | - | - | - | - | - | - | - | - |
Transfer from regulatory risk reserve | 4,133,669 | (4,133,669) | - | ||||||||
Dividend paid | (2,970,407) | (12,838) | (2,983,244) | ||||||||
Adjustment of interest in NCI | - | - | - | - | - | - | - | - | - | 22,829 | 22,829 |
- | - | 1,163,262 | - | - | - | - | - | (4,133,669) | 9,992 | (2,960,415) | |
Balance at 30 September 2021 | 9,901,355 | 115,392,414 | 62,350,518 | 15,084,874 | 2,089,362 | 1,960,712 | 10,415,403 | 18,305,526 | - | 491,786 | 235,991,951 |
The accompanying notes are an integral part of these consolidated and separate financial statements.
3
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Fcmb Group plc published this content on 29 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 November 2022 12:50:27 UTC.
