First City Monument Bank (FCMB) Limited, a member of FCMB Group Plc, one of the leading tier 2 financial services institutions in Nigeria. And one of the three financial holding companies in Nigeria
The principal activity of FCMB Group Plc is to carry on business as a financial holding company, investing in and holding controlling shares in, as well as managing equity investments in Central Bank of Nigeria approved financial entities. The Company has seven direct subsidiaries; First City Monument Bank Limited, FCMB Capital Markets Limited, CSL Stockbrokers Limited, FCMB Trustees Limited, FCMB Microfinance Bank Limited, FCMB Pensions Limited and Credit Direct Limited.
The group released its half year 2019 result to the Nigerian Stock Exchange (NSE) recently. Details of the result revealed that the bank grew its Profit After Tax by 31% ridding on 25% reduction in its other operating expenses and 12% reduction in Impairment loss charges.
FCMB group plc performance for half year 2019 is as follows:
- Net Interest Income up by 10% from N35.27 billion in June 2018 to N38.65 billion
- Non Interest Income down by 8% from N16.54 billion in June 2018 to N15.35 billion
- Gross earning up by 7% to N89.79 in June 2019 from N83.92
- Impairment loss charges down by 25% from N7.33 billion in June 2018 to N5.49 billion
- Other Operating expenses down by 12% from N9.08 billion in June 2018 to N7.96 billion
- Profit before tax up by 24% from N7.10 billion in June 2018 to N8.82 billion
- Profit after tax up by 31% to N7.53 in June 2019 billion from N5.73
- Total Assets up by 6% to N1,512 billion in June 2019 from N1,431 billion
- Loan and Advance down by 3% to N617 billion in June 2019 from N633 billion
- Deposit from customers up by 0.2% from N822 billion in June 2018 to N823 billion
- Equity up by 3% from N183 billion to N189 billion in June 2019
The bank was also able to increase the value for its shareholders with a 31% increase in earning per share to 38k from 29k in June 2018.