First City Monument Bank (FCMB) Plc, the first local bank established in Nigeria without government support is a member of FCMB group, whose vision is to become the premier financial service group of African origin recently released its Q1, 2019 financials to the public.
The bank was licensed in 1982 and was listed on the Nigerian Stock Exchange in 2004 after a successful private placement of N7 billion. The bank is arguable the only bank in Nigeria that has acquired most banks to grow from 31 branched to now about 200 branches. FCMB acquired Cooperative Development Bank, Midas Bank and Nigerian American Bank (for Nigerian subsidiary of Bank Boston) in 2007 and later acquired FinBank Plc in February 2012
FCMB quarter 1, 2019 result revealed positive performance in both the top and bottom lines as increased Net Trading Income and huge reduction in Impairment Loss charges ensured a very interesting bottom line growth for the bank.
Detail of FCMB Plc Q1 results is as follows:
- First City Monument Bank Net Interest income grew by 5 percent to N2 billion in Q1, 2019 from a reported Q1, 2018 figure of N17.75 billion.
- Net Fee and Commission income increased by 4 percent from N79 billion in Q1, 2018 to N4.96 billion recorded in Q1, 2019.
- FCMB Net Trading Income Increased by 23 percent from N1.75 billion to N2.16 billion in Q1, 2019.
- Profit Before Tax also grew by 32 percent to N29 billion from N3.26million in Q1, 2018
- After Tax Profit follow the same trend as it increased from N59 billionin Q1, 2018 to N3.62 billion in Q1, 2019 representing a 41 percent growth.
- Impairment Loss Charges reduced to N2.29 billion in Q1, 2019 from N4.85 billion in Q1, 2018 representing a 53 percent drop.
FCMB Plc Asset Base Q on Q dropped to N1.425 trillion in March 2019 from N1.431 trillion in December 2018, representing a 0.4 percent drop. Customer Deposit also grew marginally to N832 billion in Q1, 2019 from N822 billion in FY 2018 end, an increase of 1.2 percent.
Loan to customer decreased from N633 billion in Q4, 2018 to N615 billion as at end of March 2019 representing 3 percent drop. The Bank’s Shareholders Funds however increased by 3 percent to N188 billion when compared to N183 billion in December 2018.
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