FCMB Pensions: 2023 Audited Accounts Summary


10 July 2024

FCMB Pensions published its 2023 corporate and pension fund audited accounts, providing a summary overview of its financial health and fund performance. This report provides a summary review and presents key financial highlights, financial ratios, fund performance, and the trend in the number of Retirement Savings Account (RSA) holders.

 

Financial Highlights

  • Total Revenue: The audited accounts revealed a 28% increase in total revenue, growing to ₦7.99 billion in 2023, up from ₦6.26 billion in 2022. The rise in income came majorly from the fee income from managing pensions, which rose 25% from ₦5.81 billion to ₦7.27 billion.
  • Profit After Tax (PAT): PAT rose 21% to ₦2.25 billion, slowing down considerably from the 70% growth of 2022 and the 36% of 2021.
  • Operating Expenses: Operating expenses rose faster than revenue and PAT, up by 34% to ₦4.78 billion from ₦3.57 billion, leading to a commensurate rise in the company’s cost-to-income ratio to 59.78% from 56.97% indicating the company feeling the inflationary pressures in the country.
  • Shareholder’s Funds: Company’s shareholders fund ended the year at ₦11.52 billion in 2023 up 12% from ₦10.27 billion in 2022.
  • Return on Equity (ROE): ROE came in at 19.51%, below inflation which closed 2023 at 28.92%.

 

Financial and Fund Highlights


Corporate Audited Annual Results



Financial Ratios