Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result

FCMB Reports 79% Drop In Profits, Analysts Place Buy Rating

Research Team by Research Team
March 30, 2016
in Uncategorized
Share on FacebookShare on TwitterShare on Linkedin

RelatedPosts

FCMB provides 300,000 underbanked Nigerians with Microloans worth N40bn

Presidential candidates mute as Nigeria’s inflation rises to 17.7%

FCMB 2015 FY RESULTS

Income statement (N‘ million)*
FY 15 FY 14 YoY growth % of FY 15E forecasts Q4 15 Q3 15 QoQ
Gross Earnings 152,508 148,637 2.6% 107% 43,214 31,941 35.3%  
Net interest income 63,937 72,634 -12.0% 92% 15,227 14,274 6.7%  
Non-interest revenue 25,760 28,185 -8.6% 96% 6,131 7,099 -13.6%  
Operating expenses (66,979) (66,304) 1.0% 96% (16,491) (16,835) -2.0%  
Impairment charges (15,033) (10,640) 41.3% 74% 254 (11,540) N/A  
PBT 7,768 23,943 -67.6% 127% 5,206 (7,003) N/A  
PAT 4,761 22,133 -78.5% 97% 2,895 (6,435) N/A  
EPS 0.24 1.12 -78.5% 97% 0.15 (0.32) N/A  
Source: Company data *unless otherwise stated

 

Balance Sheet (N’ million)*

 

FY 15 FY 14 YoY growth % of FY 15E forecasts 9M 15 QoQ
Loans 592,957 617,980 -4.0% 103% 568,496 4.3%
Total Assets 1,159,534 1,169,365 -0.8% 100% 1,171,349 -1.0%
Deposis 700,217 733,797 -4.6% 98% 703,227 -0.4%
Total liabilities 997,143 1,008,999 -1.2% 100% 1,012,991 -1.6%
Net Assets 162,391 160,365 1.3% 98% 158,358 2.5%
BVPS 8.20 8.10 1.3% 98% 8.00 2.5%
Source: Company data *unless otherwise stated

 

Key ratios
FY 15 FY 14 change (pps) Q4 15 Q3 15 change (pps)
Asset Yields 13.0% 13.7% -0.7 13.3% 8.7% 4.6
WACF 6.7% 5.5% 1.2 9.4% 4.2% 5.2
Net interest margins 6.7% 8.4% -1.7 6.4% 5.9% 0.5
Cost-income ratio 74.7% 65.8% 8.9 77.2% 78.8% -1.6
Cost of risk 2.6% 1.7% 0.8 -0.2% 8.1% N/A
PBT margins 5.1% 16.1% -11.0 12.0% N/A N/A
PAT margins 3.1% 14.9% -11.8 6.7% N/A N/A
Effective tax rates 38.7% 7.6% 31.2 44.4% 8.1% 36.3
ROE 4.8% 14.6% -9.7
ROA 0.4% 2.0% -1.6
CAR 16.9% 19.3% -2.4
Source: Company data

 

News continues after this ad


Commentary

·         First City Monument Bank Group Plc. (FCMB) released audited FY 2015 results, wherein gross earnings rose 2.6% YoY (9M: +2.4%) to N152.5 billion while PBT and PAT climbed 68% (9M: -85%) and 79% higher (9M: -87%) YoY to N7.8 billion and N4.8 billion respectively.

·         In addition, FCMB announced a dividend of N0.10 per share (FY 15E: N0.05, FY 14), which translates to ~12.5% dividend yield at current pricing.

·         A quick read through Q4 15 numbers show a recovery from the impairment hit Q3 15, when the bank booked an N11.5billion write-down largely on legacy downstream O&G loans, with FCMB recording recoveries of N254 million over the quarter.

·         The benign trend in loan loss provisioning line masked a spike in Q4 15 interest expense (despite commencement of monetary policy easing in Q4 15) with annualized WACF jumping 520bps QoQ to 9.4%.

·         FCMB trades at a current P/E and P/B of 3.3x and 0.1x respectively which are both at discount to peer averages. Relative to last trading price of N0.8, our FVE at N1.84 implies a BUY rating.

·         More analysis to follow.

·         Conference call details to follow.

Related

Tags: fcmbNigerian Company Results

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Mega Millions
Hot forex
Cornerstone
Polaris Bank
Access Bank
Bankers Committee
First bank


FCMB




    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • The last speech delivered by HE Mohammad Sanusi Barkindo (RIP)
    • FCCPC to sanction DisCos for service failures, non-compliance with power sector rules
    • Kuje prison attack: I am disappointed with intelligence system – Buhari

    Follow us on social media:

    Recent News

    Profile of Mohammed Sanusi Barkindo, the late OPEC secretary general

    The last speech delivered by HE Mohammad Sanusi Barkindo (RIP)

    July 6, 2022
    Babatunde Irukera

    FCCPC to sanction DisCos for service failures, non-compliance with power sector rules

    July 6, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com