FCMB earns N35.8bn in 9 months

Lanre Oyetade, Lagos - 13.03.2008

First City Monument Bank Plc (FCMB) has announced gross revenue earnings of N35.86 billion for the nine months ended 31 January 2008. This represents 104 per cent growth from N17.54 billion recorded in the previous year.

The bank also maintained an industry-leading operating profitability margin based on its unaudited result for the period released on the floor of the Nigerian Stock Exchange in Lagos recently.

While both profit before tax (PBT) and the after tax profit (PAT) moved higher on the growth path, rising 154 per cent from N4.43 billion to N11.24 billion and N3.54 billion to N8.89 billion within the period respectively, the bank recorded an operating margin of 31 per cent.

This has been described by analysts as the highest in the industry.

FCMB’s Managing Director/Chief Executive Officer, Mr. Ladi Balogun, said “so far, this financial year has proved a historic year for FCMB despite the dilution effects of our successful public offer in November.

“These figures pay testimony to the quality and dedication our people to set standards in the Nigerian banking industry by bringing innovative banking products to the country’s corporations and individuals. We anticipate even more accomplishments in 2008.”

According to him, this performance also paved way for the bank’s earnings per share to increase by 46 per cent to 54.87 kobo, compared to earnings per share of 37.5 kobo in the prior year.

This is despite an increase in the shareholders equity to N38.9 billion from N29.77 billion in the prior year period.