FCMB Group Plc
Unaudited Annual Financial Statements
Year ended 31 December 2021
FCMB GROUP PLC
UNAUDITED ANNUAL FINANCIAL STATEMENTS - 31 DECEMBER 2021
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 - 51 |
FCMB Group Plc
Consolidated and Separate Financial Statements
For the year ended 31 December 2021 | ||||||
CONSOLIDATED AND SEPARATE STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME | ||||||
FOR THE YEAR ENDED 31 DECEMBER 2021 | ||||||
GROUP | COMPANY | |||||
In thousands of Naira | Note | 31 DEC 2021 | 31 DEC 2020 | 31 DEC 2021 | 31 DEC 2020 | |
Gross earnings | 208,528,103 | 199,439,132 | 6,434,863 | 4,200,172 | ||
Interest and discount income | 8 | 161,581,284 | 151,023,356 | 433,307 | 418,881 | |
Interest expense | 9 | (71,112,096) | (60,265,792) | - | - | |
Net interest income | 90,469,188 | 90,757,564 | 433,307 | 418,881 | ||
Fee and commission income | 11 | 35,424,207 | 30,162,966 | 712,414 | 659,335 | |
Fee and commission expense | 11 | (7,491,601) | (10,607,812) | (490) | (40) | |
Net fee and commission income | 27,932,606 | 19,555,154 | 711,924 | 659,295 | ||
Net trading income | 12 | 6,892,780 | 7,117,674 | - | (69) | |
Net income from financial instruments mandatorily measured at fair value through profit or loss | 13 | - | 12,529 | - | - | |
Other revenue | 14(a) | 3,037,091 | 10,540,906 | 5,190,745 | 2,358,276 | |
9,929,871 | 17,671,109 | 5,190,745 | 2,358,207 | |||
Other income | 14(b) | 1,592,741 | 581,701 | 98,397 | 763,749 | |
Impairment losses on financial instruments | 10 | (9,057,134) | (22,307,656) | (17,387) | (22,394) | |
Personnel expenses | 15 | (31,235,811) | (29,518,775) | (395,043) | (332,707) | |
Depreciation and amortisation expenses | 16 | (7,920,474) | (7,574,170) | (19,419) | (26,185) | |
General and administrative expenses | 17 | (34,579,376) | (30,475,422) | (837,067) | (625,403) | |
Other operating expenses | 18 | (23,205,208) | (16,777,789) | (98,362) | (115,407) | |
Profit before minimum tax and income tax | 23,926,403 | 21,911,716 | 5,067,095 | 3,078,036 | ||
Minimum tax | 20 | (900,000) | (433,746) | - | (5,384) | |
Income tax expense | 20 | (2,132,555) | (1,867,516) | - | (12,379) | |
Profit for the year | 20,893,848 | 19,610,454 | 5,067,095 | 3,060,273 | ||
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) | 2,435,450 | 716,855 | - | - | |
- Foreign currency translation differences | 24(i) | 1,045,583 | 1,399,951 | - | - | |
Quoted equity at fair value through other comprehensive income: | ||||||
- Net change in fair value | 24(i) | - | 40,740 | - | - | |
3,481,033 | 2,157,546 | - | - | |||
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) | (8,233,769) | 6,041,552 | - | - | |
- Net impairment reclassified from profit or loss | 24(c) | 182,854 | 137,340 | - | - | |
(8,050,915) | 6,178,892 | - | - | |||
Foreign currency translation differences for foreign operations | 1,140,822 | 1,556,542 | - | - | ||
(6,910,093) | 7,735,434 | - | - | |||
Other comprehensive income for the year, net of tax | (3,429,060) | 9,892,980 | - | - | ||
TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 17,464,788 | 29,503,434 | 5,067,095 | 3,060,273 | ||
Profit attributable to: | ||||||
Equity holders of the Company | 20,690,485 | 19,419,663 | 5,067,095 | 3,060,273 | ||
Non-controlling interests | 203,363 | 190,791 | - | - | ||
20,893,848 | 19,610,454 | 5,067,095 | 3,060,273 |
Total comprehensive income attributable to: Equity holders of the Company Non-controllinginterests
17,254,646 | 29,312,643 | 5,067,095 | 3,060,273 | |
210,142 | 190,791 | - | - | |
17,464,788 | 29,503,434 | 5,067,095 | 3,060,273 |
Basic and diluted earnings per share (Naira) | 19 | 1.04 | 0.98 | 0.26 | 0.15 |
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 2021
CONSOLIDATED AND SEPARATE STATEMENTS OF FINANCIAL POSITION | |||||
GROUP | COMPANY | ||||
In thousands of Naira | Note | 31 DEC 2021 | 31 DEC 2020 | 31 DEC 2021 | 31 DEC 2020 |
ASSETS | |||||
Cash and cash equivalents | 21 | 369,112,427 | 221,078,644 | 1,860,649 | 818,741 |
Non-pledged trading assets | 22(a) | 30,696,431 | 9,301,789 | - | - |
Derivative assets held for risk management | 23(a) | - | 1,884,398 | - | - |
Investment securities | 24 | 382,927,235 | 406,665,569 | 4,771,086 | 4,359,999 |
Assets pledged as collateral | 25 | 115,441,804 | 189,216,506 | - | - |
Loans and advances to customers | 26 | 1,063,557,093 | 822,772,612 | - | - |
Other assets | 27 | 108,231,741 | 25,258,857 | 7,989,693 | 2,084,505 |
Restricted reserve deposits | 28 | 340,032,852 | 311,746,155 | - | - |
Investment in subsidiaries | 29 | - | - | 127,378,197 | 127,378,197 |
Property and equipment | 30 | 46,837,002 | 46,202,464 | 42,815 | 78,313 |
Intangible assets | 31 | 17,170,874 | 16,321,660 | - | - |
Deferred tax assets | 32 | 8,033,426 | 7,944,839 | - | - |
Total assets | 2,482,040,885 | 2,058,393,493 | 142,042,440 | 134,719,755 | |
LIABILITIES | |||||
Trading liabilities | 23(b) | - | 8,361,951 | - | - |
Derivative liabilities held for risk management | 23(b) | - | 1,871,869 | - | - |
Deposits from banks | 33 | 156,495,628 | 119,365,158 | - | - |
Deposits from customers | 34 | 1,558,525,079 | 1,257,130,907 | - | - |
Retirement benefit obligations | 35 | 191,470 | 325,557 | - | - |
Current income tax liabilities | 20(ii) | 5,637,094 | 4,502,688 | 31,313 | 49,568 |
Deferred tax liabilities | 32 | 242,743 | 316,090 | - | - |
Other liabilities | 36 | 196,687,024 | 111,457,615 | 7,687,084 | 2,442,832 |
Provision | 37 | 7,989,072 | 6,325,375 | - | - |
On-lending facilities | 38 | 155,373,774 | 60,366,840 | - | - |
Debt securities issued | 39 | 78,499,485 | 101,531,205 | - | - |
Borrowings | 40 | 81,202,211 | 159,718,037 | - | - |
Total liabilities | 2,240,843,580 | 1,831,273,292 | 7,718,397 | 2,492,400 | |
EQUITY | |||||
Share capital | 41(b) | 9,901,355 | 9,901,355 | 9,901,355 | 9,901,355 |
Share premium | 42 | 115,392,414 | 115,392,414 | 115,392,414 | 115,392,414 |
Retained earnings | 42 | 64,025,038 | 47,482,438 | 9,027,457 | 6,930,769 |
Other reserves | 42 | 50,988,662 | 53,964,438 | 2,817 | 2,817 |
Total Equity attributable to owners of the Company | 240,307,469 | 226,740,645 | 134,324,043 | 132,227,355 | |
Non-controlling Interests | 889,836 | 379,555 | - | - | |
241,197,305 | 227,120,200 | 134,324,043 | 132,227,355 | ||
Total liabilities and equity | 2,482,040,885 | 2,058,393,492 | 142,042,440 | 134,719,755 | |
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 2021
STATEMENTS OF CHANGES IN
EQUITY
DECEMBER 2021
GROUP
In thousands of Naira
Retained | Statutory | AGSMEIS | Forbearance | Translation | Fair value | Regulatory risk | controlling | ||||
Share capital Share premium | earnings | reserve | reserve | Reserve | reserve | reserve | reserve | Interest | Total equity | ||
Balance 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 | - | - | 20,690,485 | - | - | - | - | - | - | 203,363 | 20,893,848 |
Other comprehensive income | |||||||||||
other comprehensive income | - | - | - | - | - | - | - | 3,481,033 | - | - | 3,481,033 |
other comprehensive income | - | - | - | - | - | - | (8,050,915) | - | - | (8,050,915) | |
for foreign operations | - | - | - | - | - | 1,134,042 | - | - | 6,780 | 1,140,822 | |
year | - | - | 20,690,485 | - | - | - | 1,134,042 | (4,569,882) | - | 210,142 | 17,464,788 |
Transfer between reserves | |||||||||||
Transfer to statutory reserve | - | - | (460,064) | 460,064 | - | - | - | - | - | - | - |
Transfer to AGSMEIS reserve | - | - | - | - | - | - | - | - | - | - | - |
Transfer from regulatory risk reserve | - | - | - | - | - | - | - | - | - | - | - |
Transfer to forebearence reserve | - | - | - | - | - | - | - | - | - | - | - |
directly in equity | |||||||||||
Dividend paid | - | - | (2,970,407) | - | - | - | - | - | - | - | (2,970,407) |
shareholders recorded directly in | |||||||||||
equity | - | ||||||||||
Dividend paid | - | - | - | - | - | - | - | - | - | - | - |
Adjustment of interest in NCI | - | - | (717,414) | - | - | - | - | - | - | 300,138 | (417,276) |
Total Contributions by and | |||||||||||
distributions | - | - | (4,147,885) | 460,064 | - | - | - | - | - | 300,138 | (3,387,683) |
Balance at 31 December 2021 | |||||||||||
9,901,355 | 115,392,414 | 64,025,038 | 15,544,938 | 2,089,362 | 1,960,712 | 10,938,239 | 16,321,742 | 4,133,669.00 | 889,836 | 241,197,305 | |
Balance as at 1 January 2020 | 9,901,355 | 115,392,414 | 34,187,857 | 12,701,785 | 1,353,596 | 1,960,712 | 8,247,655 | 12,555,186 | 4,133,669 | 232,418 | 200,666,647 |
Profit for the period | - | - | 19,419,663 | - | - | - | - | - | - | 190,791 | 19,610,454 |
Other comprehensive income | |||||||||||
other comprehensive income | - | - | - | - | - | - | - | 2,157,546 | - | - | 2,157,546 |
other comprehensive income | - | - | - | - | - | - | - | 6,178,892 | - | - | 6,178,892 |
for foreign operations | - | - | - | - | - | - | 1,556,542 | - | - | - | 1,556,542 |
period | - | - | 19,419,663 | - | - | - | 1,556,542 | 8,336,438 | - | 190,790.61 | 29,503,434 |
Transfer between reserves |
Transfer to statutory reserve Transfer to AGSMEIS reserve Transfer from regulatory risk reserve Transfer to forebearence reserve
directly in equity
Dividend paid
shareholders recorded directly in equity
Dividend paid
Acquisition of interest in NCI
distributions
Balance at 31 December 2020
- | - | (2,383,089) | 2,383,089 | - | - | - | - | - | - | - |
- | - | (735,766) | - | 735,766 | - | - | - | - | - | - |
- | - | - | - | - | - | - | - | - | - | - |
- | - | - | - | - | - | - | - | - | - | - |
- | ||||||||||
- | - | (2,772,380) | - | - | - | - | - | - | - | (2,772,380) |
- | ||||||||||
- | - | - | - | - | - | - | - | - | (4,032) | (4,032) |
- | - | (233,848) | - | - | - | - | - | - | (39,621) | (273,469) |
- | - | (6,125,083) | 2,383,089 | 735,766 | - | - | - | - | (43,653) | (3,049,881) |
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 |
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 26 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 January 2022 14:36:09 UTC.