FCMB grows profit by 18% on improved earnings

The Profit after Tax (PAT) of First City Monument Bank (FCMB) Plc rose by 18 per cent for the financial year ended 31 December, 2019.The improved profit rode on the back of improvement in its gross earnings for the year.

The detailed financial performance was contained in its Unaudited Annual Report published on the Nigerian Stock Exchange (NSE) website of on Wednesday.

Largely driven by strong growth in Interest and Discount Income, Gross Earnings rose by 5.1 per cent from N177.249 billion at Full Year 2018 to N186.684 billion in the corresponding period of 2019.

Profit Before Minimum Tax and Income Tax responded to the positive drift, inching up from N18.442 billion at full year 2018 to N20.006 billion at full year 2019, signalling an 8.5 per ent increase.

Profit for the Period stood at N17.720 billion at full year 2019 up from N14.972 billion at full year2018, representing an 18 per cent rise.

The bank’s Earnings per Share (EPS) appreciated by 18.7 per cent from N0.75 at FY2018 to N0.89 at full year 2019.

FCMB was incorporated as a private limited liability company in April 1982 and obtained a banking licence in August 1983. Its operations span micro lending, trusteeship, asset management, stockbroking, custodial services, investment banking, personal banking, corporate banking and commercial banking.

It obtained a publicly quoted company status in December 2004. It acquired 100% shareholding in the defunct FinBank in 2010.

FCMB currently has about 19.803 billion outstanding shares valued at over N36.635 billion. Its dividend yield is 7.57 per cent, the last dividend payout being the 14k per share declared in April 2019.

FCMB currently trades on the floor of the NSE at N1.85 per share.