FCB records profit of $3,4 billion

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Fidelity said core revenue was driven by the life assurance businesses.
FIRST Capital Bank (FCB) recorded a profit after tax of $3,4 billion for the year to December 31, 2021 from $0,8 billion in the prior year. 

Net gains through other comprehensive income during the year under review amounted to $1,9 billion in 2021 compared to a loss of $0,2 billion in 2020, representing the valuation uplift on properties and other assets.
Loans and advances increased by 88 percent from $3,8 billion to $7,1 billion during the year under review. The growth in interest earning assets was supported by a 15,7 percent real growth in deposits from $14,2 billion in 2020 to $16,4 billion last year.
“The loans-to-deposit ratio closed at 44 percent whilst liquidity ratios were maintained above 45 percent throughout the year, exhibiting prudent balance sheet management in an otherwise challenging operating environment,” FCB managing director Ciaran McSharry said
in a statement accompanying the bank’s financial results.

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