FCMB Plc Releases Q1-2024 Earnings Expectation
FCMB Plc has released the group earnings estimate for the first quarter of 2024 (Q1), expecting profit to print at N12.6 billion, according to a regulatory filing.
The financial services boutique told the Nigerian Exchange in its earnings forecast for January to Market 2024 that cash flow forecast for the quarter is not practically possible.
In the regulatory filing, FCMB is expecting its gross earnings from all banking and investment activities to settle at about N117 billion. Out of this, profit for the period is estimated at N12.56 billion, supported by about N907 million FX gain expectation in Q1.
In Q1-2024, net interest income available to the financial services group is expected to clear at about N52 billion.
This estimate was derived from an expectation that interest income will print at N97.677 billion in the period versus interest payable to providers of funds estimated at N45.732 billion. Nigeria Eurobond Slumps after CBN Resumes OMO Auction
Income from interest-earnings assets is projected to be supported by non-interest related revenue including gain from FX revaluation, securities trading, contingent income, transaction commission, and other income lines.
FCMB Plc expects impairment on credit assets to come in handy at about N 8.6 billion with more than N48 billion set aside as operating expenses for the period.
The banking group expects profit before tax provisions to settle at N14.206 billion in Q1-2024, and management estimated that tax could take N1.636 billion.
This left the group with a net profit of N12.569 billion in the first quarter of next year on gross earnings estimated at N116.916 billion.
