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.