Skip to main content

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

Post a Comment

Popular posts from this blog

Hurricane Hits Texas, One Person Reported Dead

Hurricane Harvey hit Texas as a Category 4 storm on Friday, battering the coast with 130-mph winds and torrential rain. It was the strongest hurricane to hit the United States in more than a decade leaving a massive destruction, loss of electricity, wrecked buildings and has so far killed at least one person. Scroll down to see more pictures of the incident:
Post a Comment
Read more

Kenyan Law Court dismisses case of man seeking compensation after his wife eloped with another man from hospital

  A lawsuit filed by a man seeking to be compensated by St Mary's Mission Hospital in Kenya for allowing his wife to leave the hospital with another man after giving birth, has been struck out by a law court.    The appellant had sued the St. Mary's Mission hospital at Kakamega law courts in 2020 seeking general damages from the facility on grounds that the hospital had discharged his wife and allowed her to leave with another man. After delivering and at the time of discharge, the wife of the appellant claimed he was the baby's father.   The court of appeal judges Patrick Kiage, Mumbi Ngugi and Francis Tuiyott sitting at the Kisumu Court of Appeal, empathized with the man, but disagreed that he (the appellant) be compensated by the hospital for not detaining his wife.  They upheld the lower court's judgement which added that there's no remedy that lies in the law for such grievances.   Kiage said;   "I agree that if a man takes the woman he loves to t...
Post a Comment
Read more

Togo prime Minister Komi Klassou resigns

Togo’s prime minister and his government have resigned, the West African nation’s presidency said late Friday. President Faure Gnassingbe congratulated prime minister Komi Selom Klassou and his team for their “economic, political and social efforts and the encouraging results despite the health crisis around the world”, a statement on the presidency’s official website said. Togo has been due for a political reshuffle since Gnassingbe was reelected in February for a fourth term in office, but changes were delayed by the coronavirus pandemic. The president’s election win, which came after a constitutional change allowing him to run, extended more than a half-century of dynastic rule over the former French colony by the Gnassingbe family. The victory was disputed by the main opposition challenger, who has faced official harassment in the wake of the vote. The president has led the country of eight million people since taking over in 2005 following the death of his father Gnass...
Post a Comment
Read more