FCMB Group Plc

Unaudited Annual Financial Statements

Year ended 31 December 2022

FCMB GROUP PLC

UNAUDITED ANNUAK FINANCIAL STATEMENTS - 31 DECEMBER 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

Notes to the consolidated and separate financial statements

5 - 54

FCMB Group Plc

Consolidated and Separate Financial Statements

For the year ended 31 December 2022

CONSOLIDATED AND SEPARATE STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2022

GROUP

COMPANY

In thousands of Naira

Note

31 DEC 2022

31 DEC 2021

31 DEC 2022

31 DEC 2021

Gross earnings

281,753,674

212,012,446

5,198,310

6,461,307

Interest and discount income

8

217,990,781

162,041,604

566,314

433,307

Interest expense

9

(97,582,434)

(71,127,766)

(6,858)

-

Net interest income

120,408,347

90,913,838

559,456

433,307

Fee and commission income

11a

44,033,664

35,593,197

1,054,476

738,858

Fee and commission expense

11b

(10,024,556)

(6,840,210)

(1,347)

(490)

Net fee and commission income

34,009,108

28,752,987

1,053,129

738,368

Net trading income

12

12,837,124

9,367,136

-

-

Net income from financial instruments mandatorily measured at fair value through profit or loss

13

-

-

-

-

Other revenue

14(a)

5,870,105

3,407,873

3,367,705

5,190,745

18,707,229

12,775,009

3,367,705

5,190,745

Other income

14(b)

1,022,000

1,602,636

209,815

98,397

Net impairment losses on financial instruments

10

(24,954,801)

(15,238,207)

(27,669)

(17,387)

Personnel expenses

15

(35,713,691)

(31,262,749)

(633,085)

(374,671)

Depreciation and amortisation expenses

16

(9,679,487)

(8,027,692)

(19,909)

(19,419)

General and administrative expenses

17

(43,176,190)

(35,657,327)

(878,805)

(837,067)

Other operating expenses

18

(23,517,219)

(21,237,214)

(107,559)

(103,962)

Results from operating activities

37,105,296

22,621,281

3,523,078

5,108,311

Share of post tax result of associate

-

95,378

-

-

Profit before minimum tax and income tax

37,105,296

22,716,659

3,523,078

5,108,311

Minimum tax

20

(868,889)

(465,254)

-

(3,895)

Income tax expense

20

(3,645,028)

(1,334,680)

-

(15,718)

Profit for the year

32,591,379

20,916,725

3,523,078

5,088,698

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

24(i)

5,521,783

4,350,231

-

-

- Foreign currency translation differences

24(i)

-

1,399,951

-

-

Quoted equity at fair value through other comprehensive income:

- Net change in fair value

24(i)

-

-

-

-

5,521,783

5,750,182

-

-

Items that may be subsequently reclassified to profit or loss:

Debt investments at fair value through other comprehensive income:

- Net change in fair value

24(i)

(10,303,613)

(8,281,658)

-

(2,817)

- Net impairment reclassified from profit or loss

24(c)

275,598

130,583

-

-

(10,028,015)

(8,151,075)

-

(2,817)

Foreign currency translation differences for foreign operations

1,554,186

1,151,885

-

-

(8,473,829)

(6,999,190)

-

(2,817)

Other comprehensive income for the year, net of tax

(2,952,046)

(1,249,008)

-

(2,817)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

29,639,333

19,667,717

3,523,078

5,085,881

Profit attributable to:

Equity holders of the Company

32,384,962

20,708,579

3,523,078

5,088,698

Non-controlling interests

206,417

208,146

-

-

32,591,379

20,916,725

3,523,078

5,088,698

Total comprehensive income attributable to:

Equity holders of the Company

29,436,311

19,454,417

3,523,078

5,085,881

Non-controlling interests

203,022

213,300

-

-

29,639,333

19,667,717

3,523,078

5,085,881

Basic and diluted earnings per share (Naira)

19

1.64

1.05

0.18

0.26

The accompanying notes are an integral part of these consolidated and separate financial statements.

1

FCMB Group Plc

Consolidated and Separate Financial Statements

For the year ended 31 December 2022

CONSOLIDATED AND SEPARATE STATEMENTS OF FINANCIAL POSITION

GROUP

COMPANY

In thousands of Naira

Note

31 DEC 2022

31 DEC 2021

31 DEC 2022

31 DEC 2021

ASSETS

Cash and cash equivalents

21

248,997,912

362,700,083

30,607

621,755

Non-pledged trading assets

22(a)

47,909,785

41,538,274

-

-

Derivative assets held for risk management

23(a)

-

-

-

-

Investment securities

24

629,673,838

372,548,333

8,023,508

6,007,162

Assets pledged as collateral

25

79,009,207

115,456,683

-

-

Loans and advances to customers

26

1,194,366,840

1,063,589,192

-

-

Other assets

27

191,483,200

127,410,850

2,585,791

7,849,591

Restricted reserve deposits

28

493,359,709

329,739,147

-

-

Investment in subsidiaries

29

-

-

132,228,197

127,378,197

Investment in associates

30

-

6,810,651

-

-

Property and equipment, and right of use assets

31

51,153,986

47,084,551

30,164

42,815

Intangible assets

32

29,727,350

17,155,970

12,094

-

Deferred tax assets

33

8,938,502

9,163,896

-

-

Total assets

2,974,620,329

2,493,197,630

142,910,361

141,899,520

LIABILITIES

Trading liabilities

22(b)

1,883,937

5,174,902

-

-

Deposits from banks

34

124,365,459

160,746,916

-

-

Deposits from customers

35

1,945,204,939

1,554,413,623

-

-

Retirement benefit obligations

36

409,527

14,855

-

-

Current income tax liabilities

20(iii)

6,690,081

5,449,065

48,386

50,926

Deferred tax liabilities

33

413,229

308,729

-

-

Other liabilities

37

199,980,027

199,465,224

8,099,752

7,505,765

Provision

38

7,514,884

6,747,270

-

-

On-lending facilities

39

245,191,651

157,873,774

-

-

Debt securities issued

40

84,556,145

78,493,492

-

-

Borrowings

41

88,364,968

80,704,066

856,858

-

Total liabilities

2,704,574,847

2,249,391,916

9,004,996

7,556,691

EQUITY

Share capital

42(a)

9,901,355

9,901,355

9,901,355

9,901,355

Share premium

43

115,392,414

115,392,414

115,392,414

115,392,414

Retained earnings

43

87,612,177

62,872,102

8,611,596

9,049,060

Other reserves

43

55,794,478

55,058,784

-

-

Total Equity attributable to owners of the Company

268,700,424

243,224,655

133,905,365

134,342,829

Non-controlling Interests

1,345,058

581,059

-

-

270,045,482

243,805,714

133,905,365

134,342,829

Total liabilities and equity

2,974,620,329

2,493,197,630

142,910,361

141,899,520

Oladipupo Jadesimi

Ladi Balogun

Deji Fayose

Chairman

Group Chief Executive

Chief Financial Officer

FRC/2015/IODN/00000006637

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

Consolidated and Separate Financial Statements

For the year ended 31 December 2022

CONSOLIDATED AND SEPARATE STATEMENTS OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2022

GROUP

In thousands of Naira

Retained

Statutory

AGSMEIS

Forbearance

Translation

Fair value

Regulatory risk Non-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 year

-

-

32,384,962

-

-

-

-

-

-

206,417

32,591,379

Other comprehensive income

Equity investments at fair value through other comprehensive income

-

-

-

-

-

-

-

5,521,783

-

5,521,783

Debt investments at fair value through other comprehensive income

-

-

-

-

-

-

(10,028,015)

-

(10,028,015)

Foreign currency translation differences for foreign operations

-

-

-

-

-

-

1,557,582

-

-

(3,396)

1,554,186

Total comprehensive income for the year

-

-

32,384,962

-

-

-

1,557,582

-4,506,232

-

203,022

29,639,333

Transfer between reserves

Transfer to statutory reserve

-

-

(3,684,344)

3,684,344

-

-

-

-

-

-

Transfer to AGSMEIS reserve

-

-

-

-

-

-

-

-

-

-

Transfer from regulatory risk reserve

-

-

-

-

-

-

-

-

-

-

Transfer to forebearence reserve

-

-

-

-

-

-

-

-

-

-

Transactions with owners recorded directly in equity

Dividend paid

-

-

(3,960,542)

-

-

-

-

-

-

(3,960,542)

Transactions with minority shareholders recorded directly in equity

Dividend paid

-

Adjustment of interest in NCI

-

-

-

-

-

-

-

-

-

560,977

560,977

Total Contributions by and distributions

-

-

(7,644,886)

3,684,344

-

-

-

-

-

560,977

(3,399,565)

Balance at 31 December 2022

9,901,355

115,392,414

87,612,177

19,229,282

3,521,475

1,960,712

12,508,510

13,984,499

4,590,000

1,345,058

270,045,482

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 year

-

-

20,708,579

-

-

-

-

-

-

208,146

20,916,725

Other comprehensive income

Equity instruments at fair value through other comprehensive income

-

-

-

-

-

-

-

5,750,182

-

5,750,182

Debt instruments at fair value through other comprehensive income

-

-

-

-

-

-

-

(8,151,075)

-

(8,151,075)

Foreign currency translation differences for foreign operations

-

-

-

-

-

-

1,146,731

-

-

5,154

1,151,885

Total comprehensive income for the year

-

-

20,708,579

-

-

-

1,146,731

(2,400,893)

-

213,300

19,667,717

Transfer between reserves

Transfer to statutory reserve

-

-

(460,064)

460,064

-

-

-

-

-

-

-

Transfer to AGSMEIS reserve

-

-

(1,432,113)

-

1,432,113

-

-

-

-

-

-

Transfer to regulatory risk reserve

-

-

(456,331)

-

-

-

-

-

456,331

0

-

Transfer to forebearence reserve

-

-

-

-

-

-

-

-

-

-

-

Transactions with owners recorded directly in equity

Dividend paid

-

-

(2,970,407)

-

-

-

-

-

-

-

(2,970,407)

Transactions with minority shareholders recorded directly in equity

Dividend paid

-

-

0

-

-

-

-

-

-

(14,400)

(14,400)

Adjustment of interest in NCI

-

-

-

-

-

-

-

-

-

2,604

2,604

-

-

(5,318,915)

460,064

1,432,113

-

-

-

456,331

(11,796)

(2,982,203)

Balance at 31 December 2021

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

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 30 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 January 2023 15:33:05 UTC.