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
Home Business News

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

Onome Ohwovoriole by Onome Ohwovoriole
November 24, 2017
in Business News, Company News
FCMB Acquires additional stake in Legacy Pension Managers

Ladi

Share on FacebookShare on TwitterShare on Linkedin

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

RelatedPosts

Unilever Nigeria, FCMB partner Psaltry International to deliver Africa’s first cassava-based Sorbitol Factory

NGX extends decline by N137 billion as sell pressure intensifies

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.

News continues after this ad


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.

News continues after this ad


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

Here is a copy of the result

Related

Tags: banksfcmb

Leave a Reply Cancel reply

Your email address will not be published.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

inq
avatrade
Stanbic bank
Mega Millions
UBN
Hot forex
Access Bank
Bankers Committee
First bank






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

    Recent News

    • I have fixed Apapa gridlock, Governor Sanwo-Olu says
    • A letter to Nigeria’s next president
    • OctaFX celebrates its 11th anniversary and reveals its brand philosophy

    Follow us on social media:

    Recent News

    Lagos announces resumption time table for public and private schools, FESTAC town, Lagos cancels 2018 land use charge, LAND USE CHARGE, Lekki sealed buildings, Lagos state governor issues new guidelines for lockdown, consider full reopening of its economy,Sanwo-Olu gifts families of slain police officers N10 million naira each

    I have fixed Apapa gridlock, Governor Sanwo-Olu says

    August 8, 2022
    Tinubu Obi Atiku

    A letter to Nigeria’s next president

    August 8, 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