FCMB grows profit by 64% in three months

FCMB Group Plc has recorded a 64 per cent rise in its profit before tax for the third quarter of 2017 compared to the second quarter ended June 30, 2017.

This was contained in a statement released by the institution.

It recorded a PBT of N6.8bn for the nine-month ended September 30, 2017.

FCMB Group is a holding company with subsidiaries including First City Monument Bank Limited, FCMB Capital Markets, CSL Stockbrokers Limited, CSL Trustees Limited, and FCMB Microfinance Limited.

Recently, the group acquired Legacy Pension Managers Limited, a leading Pension Fund Administrator in Nigeria, by increasing its interest in the company from 28.2 per cent to 88.2 per cent following the approval of the regulatory authorities, shareholders and directors of both companies.

From the details of its unaudited results announced on the floor of the Nigerian Stock Exchange, FCMB Group’s gross revenue for the nine-month ended September 30, 2017 was N118.8bn, representing a decrease of 16 per cent from N140.7bn achieved in the corresponding period of 2016.
This decline, the financial institution said, was primarily influenced by the exceptional foreign exchange revaluation income in 2016.

FCMB Group said it recorded deposits of N636.3bn and further demonstrated its commitment to economic development by providing loans and advances of N657.1bn to its customers and businesses within the nine-month period.

The financial group said its capital adequacy ratio stood at 17.4 per cent, which is above the minimum ratio stipulated by the Central Bank of Nigeria, just as the value of its assets stood at N1.14tn.

It explained that the cost containment measures put in place by the management of the group, ensured that operating expenses remained flat at N49.3bn despite the prevailing inflationary tendencies of the economy.

The group, thus expressed its resolve to continue to distinguish itself by delivering exceptional services, while enhancing the growth and achievement of the personal and business aspirations of its customers and all stakeholders.

Comments

CJN Tanko unveils panel to hear Atiku’s appeal against Buhari

The Chief Justice of Nigeria, Ibrahim Tanko Mohammed is presiding over the 7-man panel that will hear the appeals filed by the People’s Democratic Party (PDP) and its presidential candidate, Atiku Abubakar, challenging the victory of President Muhammadu Buhari at the February 23 poll. Other members of the panel are Bode Rhodes-Vivour, Amiru Sanusi, Uwani Abaji, Ejembi Eko, John Inyang Okoro and Olukayode Ariwoola. Atiku and his party are challenging the September 11 judgment of the Justice Mohammed Garba-led Presidential Election Petitions Tribunal which affirmed President Buhari’s victory at the polls. The appeals hearing has generated some controversies especially due to the silence of the Supreme Court on the justices that would constitute the panel, with the Coalition of United Progressives Party (CUPP) demanding the use of seniority in selecting them. A senior member of Atiku’s legal team, Chief Chris Uche (SAN), told reporters that they considered it strange that as at

NNL: Sanni dumps Saraki Boys

Tunde Sanni, head coach of the Abubakar Bukola Saraki (ABS) FC of Ilorin has resigned, Coordinator of the team, Idris Musa, said on Monday. Musa told the News Agency of Nigeria (NAN) in Ilorin that Sanni had turned in his resignation letter later after a meeting with the team’s Director of Football, Alloy Chukwuemeka. After the meeting, Chukwuemeka and Sanni refused to comment on the matter. The club’s U-15 coach, Taofeeq Babatunde, has been drafted to assist the Assistant Coach, Suleiman Quadri, pending when a substantive manager will be appointed. His resignation may be due to recent results, which were not in favour of the Saraki Boys. The team lost to Kebbi United 3-2 on penalties after 1-1 draw during regulation time in the round of 64 encounter of the Aiteo Cup in Minna. The Saraki Boys also lost 3-0 to Mighty Jets of Jos and drew 0-0 with the Jos-based side in the return leg on Wednesday in Ilorin at Bet9ja Nigeria National League’s (NNL), Match Day 10 encounter.

Chechnya leader makes Mo Salah honorary citizen

Chechnya leader Ramzan Kadyrov has made Egypt’s talismanic striker Mohamed Salah an honorary citizen of the southern Russian region at a farewell banquet held for the eliminated World Cup side. Rights groups and Western governments allege that authorities in Chechnya repress their political opponents, discriminate against women and persecute sexual minorities, all allegations that Chechnya’s leaders deny. Chechnya has been hosting the Egyptian team’s World Cup training camp and Kremlin-backed Kadyrov has seized on opportunities to appear alongside Salah. Sarah’s goalscoring exploits for Liverpool and Egypt have made him an international superstar. “Mohamed Salah is an honorary citizen of the Chechen Republic. “Yes, that’s right! Tonight I signed a decree conferring this high award on the great footballer and member of the Egypt and Liverpool teams,” Kadyrov wrote on Telegram. Salah was presented with a badge and a copy of the decree at the dinner, Kadyrov said. The Egy

BAMY BLOG

Search This Blog