WorldStage Newsonline– FCMB Group has released its first quarter (Q1) 2018 results which showed that profit before tax (PBT) grew by 64% to N3.3 billion when compared with Q1 2017 while profit after tax (PAT) was lower to 31% at N2.768 billion mainly because of a 60% reduction in other comprehensive income.
However, the PBT and PAT fell by 30% and 50% respectively when compared with Q4 2017, because of negative surprises on both revenue lines.
The double-digit earnings growth was primarily underpinned by a 12% growth in pre-provision profits, a 2% reduction in loan loss provisions also helped.
FCMB shares have outperformed the index year-to-date. The shares have gained 66.9% as against the 7.9% gain delivered by the All Share Index.
