FCMB Group Plc H1'20 Unaudited Results - Stable Performance Despite Cloudy Business Climate

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Thursday, July 30, 2020 / 12:28 PM / By Cardinal Stone Research / Header Image Credit: FCMB/Ecographics


FCMB Group Plc (FBNH: TP - N1.87: HOLD) result highlights:

  • H1'20 earnings increased by 28.5% YoY supported by a 16.4% increase in operating income

  • On a quarterly basis, earnings improved 5.9% (QoQ), reflecting improving non-interest revenue (+3.5% QoQ) and moderating operating expenses (-5.1% QoQ)

  • The 3.5% QoQ growth in non-interest revenue was largely driven by 31.6% QoQ growth in FX revaluation gains and 8.3% increase in net trading gains

  • Net impairments on financial assets rose 10.1% during the quarter. Cost of credit risk and NPL ratio were flat at 2.1% and 3.5% respectively during the quarter

  • Operating expenses eased 5.1% QoQ, highlighting better operating efficiency, even as cost to income ratio moderated 240 bps to 68.8%. The improvement in operating efficiency possibly relates to work-from-home measures as the bank had previously hinted that about 50% of its staff would work from home through 2020

  • Gross loans to customers increased by 4.3% while customer deposits rose 11.0% relative to Q1'20



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