Earnings Report /
Nigeria

FCMB Group: Q2 21 – CRR debits and cost inefficiencies reduce earnings

  • FCMB's net attributable profit fell 20% yoy, as higher funding costs and operating expenses weigh on profitability

  • The group has completed the acquisition of AIICO Pensions, with AUM expected to increase by 35% to NGN677bn at year-end

  • We have a Hold recommendation on FCMB as cost inefficiency remains a disadvantage to operations

Busola Jeje
Busola Jeje

Junior Research Analyst

Tellimer Research
6 August 2021
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