FCMB said its profit rose by 204% in 2016

fcmb

After a tough 2015, First City Monument Bank (FCMB) seems to be stabilising its books. The said its net profit for the year rose by 204% year on year.

In its financial report recorded gross earning of NGN176.3 billion for fourth quarter 2016 compared to NGNC152.5 billion recorded same period 2015.

FCMB recorded NGN69.5 billion net interest income for the period in review compared to NGN63.9 billion recorded in the financial year 2015.

The bank recorded NGN33.5 billion as net operating income in 2016 compared to NGN9.9 billion recorded same period 2015.

FMCB is also among the banks with worrying levels of impairments. The bank disclosed that its recorded net impairment loss of NGN35.5 billion compared to NGN15.0 billion recorded in 2015.

This point was buttressed by Fitch in its latest ratings opinion said Nigerian banks were in bad position unless they are able to recover huge piles of bad debts in their books

However, the bank recorded NGN16.2 billion as profit before taxation in 2016 compared to 7.7 billion recorded in 2015. After deductions and expenses removed, it profit for the year increased by 204% to NGN14.3 billion in contrast to NGN4.7 billion recorded in the fiscal year 2015.

The bank total asset for the year in review was nearly unchanged at NGN1.1 trillion, the same amount in 2015. Also, it seems the bank concentrated in cleaning up its loan books instead of giving more loans. It is evident in its total liabilities recorded as NGN993.9 billion in 2016 compared to NGN997.1 billion recorded in the year 2015.

For more information on the report, click here>>

Leave a Reply

Your email address will not be published.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