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FCMB releases 9 month 2017 results: Profit before tax drops by 51%

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FCMB Group today released its unaudited financial statements for the 9 months ended September 2017. Gross earnings fell from N140 billion in 2016 to N111 billion in 2017. Profit before tax fell sharply from N14.1 billion in 2016 to N6.1 billion in 2017. Profit after tax also fell from N12.9 billion in 2016 to N5.4 billion in 2017.

Net interest income dropped from N53 billion in 2016 to N49 billion in 2017. Trading income however increased from N581 million in 2016 to N1.7 billion in 2017.

Here are highlights of the result

9 months 2016 9 months 2017 %age change
Gross Earnings 140,727,162 118,816,600 15.7%
Interest income 53,193,678 49,901,820 6.19%
Profit before Tax 14, 175,548 6,841,428 51.7%
Profit after tax 12,981,132 5,468,945 58.1%
Earnings Per Share (kobo) 0.87 0.37 57.4%

What led to the sharp fall in profit ?

2016 results were boosted by dividends from an unlisted equity investment which amounted to N35.3 billion. The dividends received however dropped to N1 billion for the corresponding period in 2017.

FCMB was established in 1982, as a merchant bank, but began operations in August 1983. The bank was given a universal banking licence in 2000 and changed its name from First City Merchant Bank to First City Monument Bank. In 2004, the bank was converted to a public limited liability company and listed on the Nigerian Stock Exchange (NSE) in December that year.

The group recently completed the acquisition of an additional 60% stake in Legacy Pension Managers, bringing its total hodings to 88.2% and making the company a subsidiary  of the FCMB Group.

FCMB shares closed at N1.12 in today’s trading session down 0.88%.

Here is a copy of the result

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