WorldStage Newsonline– First City Monument Bank (FCMB) a leading Nigerian banking group with total assets valued at US$4.4 billion as of December 2019 has released its group earnings forecast for the fourth quarter (Q4) ending 31 December 2020 to be lower than half of the first two quarters of the year at 48.45%.
In the forecasts published on the Nigerian Stock Exchange (NSE) over the weekend, FCMB projected a group profit after taxation N4.130 billion for Q4 2020 which is 48.45% of N9.7 billion profit for half year (H1) 2020.
FCMB has tentatively fixed 11 November 2020 to release its Q3 2020 unaudited on the NSE
The group earnings forecast for the Q4 2020 showed gross earnings to be N45.462 billion, interest income at N37.082 billion, foreign exchange earnings N334.873 million and loan losses N4.141 billion.
For the six months ended June 30, 2020, the Group’s profit before tax (PBT) rose by 26% to N11.1 billion compared to N8.8 billion in the corresponding period in 2019. Profit after tax increased by 29% Year-on-Year to N9.7 billion. This translated to a return on average equity (RoAE) of 9.4% and earnings per share of 49 kobo, a Year-on-Year improvement of 16% and 29%, respectively.
FCMB Group is a holding company divided along three business groups; Commercial and Retail Banking (First City Monument Bank Limited, Credit Direct Limited, FCMB (UK) Limited and FCMB Microfinance Bank Limited); Corporate & Investment Banking (the Corporate Banking Division of the Bank, FCMB Capital Markets Limited and CSL Stockbrokers Limited) as well as Asset & Wealth Management (FCMB Pensions Limited, FCMB Asset Management Limited and FCMB Trustees Limited).
