First City Monument Bank Plc (FCMB), a member of FCMB group and one of Nigeria’s leading tier 2 bank recently released its Q3 2019 financial result to the public. The result shows a Year-on-Year (YoY) decline Post Tax Profit by 5%, to N10.79 billion in the 9-month ended September 2019.
A drop of 83% in Foreign Exchange Gains from N10.4 billion in Q3 2018 to N1.7 billion in Q3 2019 was seen to be responsible for the YoY decline profit for the period. The banks 46% decline in Credit loss provisioning from N14.6 billion in Q3 2018 to N7.9 billion in Q3 2019 and a 3% growth in Net Interest Income could not save the bank’s bottom lines.
Here are the highlights of the Q3 2019 results released by FCMB.
- Gross Earning up by 2% YoY from N132.87 billion to N135.82 billion in Q3 2019
- Net Interest income up by 5% YoY from N53.24 billion to N56.23 billion in Q3 2019
- Loan Loss Charges down by 46% YoY from N14.63 billion in Q3 2018 to N7.85 billion in Q3 2019.
- Fees and Commission Income down by 1% YoY from N15.46 billion to N15.31 billion in Q3 2019
- Net Trading Income up by 6% YoY from N4.58 billion to N4.84 billion in Q3 2019
- Other Operating Income down by 43% YoY from N12.99 billion to N7.44 billion in Q3 2019
- Other Operating Expenses up by 5% YoY from N12.77 billion to N13.39 billion in Q3 2019
- Profit Before Tax down by 13% YoY from N14.77 billion to N12.8 billion in Q3 2019
- Post Tax Profit also down by 5% from N11.31 billion to N10.79 billion in Q3 2019
The Earning per Share of FCMB also decreased YoY by 5% from 57 kobo per share in September 2018 to 54kobo per share in September 2019.
The FCMB Q3 2019 result shows Balance Sheet with an impressive 9 months growth for the period ended 31 September 2019.
- Total Assets up by 6% from N1.43 trillion in December 2018 to N1.52 trillion in Q3 2019
- Customer Loans and Advances up by 1% from N633.03 billion in December 2018 to N638.06 billion in September 2019.
- Customer Deposits also up by 5% from N821.75 billion to N863.44 billion in Q3 2019.
- Total Equity was also up by 12% from N97.8 billion to N109.5 billion in Q3 2019.
READ ALSO – Inflation rises to 11.61% in October 2019