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Home Opinions Blurb

In Case You Missed It: Screenshot of FCMB’s Results Faux Pax

Ugodre Obi-chukwu by Ugodre Obi-chukwu
November 26, 2016
in Blurb
FCMB Logo

FCMB log Source: Nairametrics Research

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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.

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Here is a screen shot of the results earlier published and the corrected version. Note: Keep your eye on the 2015 column.

Wrong results

screen-shot-2016-11-25-at-9-44-58-pm

Correct Version

screen-shot-2016-11-25-at-9-45-14-pm

 

Tags: fcmb
Ugodre Obi-chukwu

Ugodre Obi-chukwu

Ugo Obi-Chukwu "Ugodre" is the Founder, Publisher, and Chief Analyst of Nairametrics, a leading business and financial news online platform in Nigeria. Ugo is also the Chief Editor of the Nairametrics “Blurb” Opinion pages. Follow Ugodre on Twitter @ugodre and Instagram @ugodre Email: ugodre@nairametrics.com

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