FCMB predicts 40.6% cut in profit for Q4’2020

FCMB Group Plc, has said its profit after tax deduction should be about N4.1 billion in the fourth quarter of 2020.

When compared with the same period of 2019, the Q4 net profit expectation will be 40.6 per cent lower than the N6.9 billion last year.

In a notice to the investing public through the Nigeria. Stock Exchange (NSE),  also forcasts that  its profit before tax should close at N4.7 billion in the same period under consideration.

For the PBT in Q4 2020, it is 34.7 per cent lower than the N7.2 billion recorded in the fourth quarter of last year.

The lender said its gross earnings should drop 10.6 per cent year-on-year to N45.5 billion from N50.9 billion, while the interest income is anticipated to reduce by 6.1 per cent year-on-year to N37.1 billion from N39.5 billion, with the interest expense expected to remain flat at N18.4 billion in the comparative periods and the net interest income predicted to drop to N18.7 billion from N21.1 billion.

The forecast is not unconnected to the impact of the novel Coronavirus pandemic on businesses in the country and across the globe.

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