FCMB on Friday ate a humble pie after it confirmed that it made an error in reporting its 2016 9 months unaudited results. Eagle eyed investors who reviewed the results quickly discovered that the 2015 comparative results appeared overstated.
For example, it stated that Net Interest income was N50 billion in 2015 even though a look at the same result last year showed it was N48.7 billion. Also pre-tax profits reported was N9.9 billion instead of the N2.5 billion reported a year earlier. It’s incredible how this so-called error could have been made. Where did they get the figures from? Was it a deliberate error?
It’s an embarrassing situation for the company, considering that they had delayed a release of the reaulta for over a month. We must also commend them for eating the humble pie and issuing a press release confirming the error. It’s not the first time we are seeing mix ups like this in the NSE, go unnoticed.
Here is a screen shot of the results earlier published and the corrected version. Note: Keep your eye on the 2015 column.