Fortis Microfinance Bank 123 % increase in profit

Fortis Microfinance Bank (FMB) Plc has announced a growth of 123 per cent in profit after tax for the nine months ended September 30, 2015.

According to the results made available by the Nigerian Stock Exchange (NSE), FMB posted net interest income of N1.83 billion, up from N1.478 billion in 2014.Net interest income grew from N377 million to N544 million. Loan impairment charge reduced from N19.1 million to N8.498 million.
Total operating income grew from N797 million to N1.219 billion, while profit before tax rose from N234 million to N523 million.  FMB ended the period with a profit after tax of N366 million, a jump of 123 per cent from N164 million.

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