FCMB Targets N21.2 Billion Profit in Q3-2024
FCMB Plc has indicated in its most recent regulatory filing on the Nigerian Exchange (NGX) that it expects the group profit after tax to reach N21.211 billion in the third quarter of the 2024 financial year.
The financial services boutique expects gross earnings to reach N168.614 billion at the same time. Net interest income is expected to reach N63.091 billion as a result of more than N82.258 billion, the group expects to pay funds provider from interest related income of N145.349 billion in Q3.
In its earnings forecast, the group expects to gain more than N910 million due to favourable foreign currency translation in the period.
The financial service group’s net operating income is expected to settle at N86.35 billion in Q3, according to its earnings forecast. Key drivers of the surge in net operating income were securities trading, transaction commissions and net interest income.
On top of spending over N52 billion on operating expenses, FCMB is anticipating a loss of approximately N11 billion from troubled loans. Then, pretax profit is expected to settle at N23.319 billion in Q13-2024. With N2.1 billion as tax provision, FCMB is targeting N21.211 billion as profit in Q3-2024. FCMB”s share price is currently trading flat in the Nigerian equities market at N7.90.
#FCMB Targets N21.2 Billion Profit in Q3-2024 Naira Steadies as Banks Issue Update on FX Purchase
