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
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
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.