FCMB records 109% increase in PBT, proposes 10kobo/share dividend

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8 years ago

FIRST CITY Monument Bank Group Plc has announced a Profit before Tax of N16.3 billion for the full-year ended 31 December 2016 and has proposed dividend of 10 kobo per share.

In its 2016 full year financial statement released to the Nigerian Stock Exchange on Tuesday, FCMB Group Plc recorded Profit before tax (PBT) of N16.3 billion for 2016, up 109 per cent from N7.8 billion for 2015.

The Group’s gross revenue advanced to N176.4 billion for the year ended December 2016, a 16 per cent increase from N152.5 billion for the same period prior year.

Further analyses of the audited financial result indicated that Non-interest income was N47.7 billion for the year under review, an increase of 86 per cent from N25.6 billion for the same period prior year. This increase was mainly driven by N29.3 billion in FX revaluation gains.

Net impairment on loans up 288 per cent to N31.8 billion for the year ended December 2016, from N8.2 billion for the same period prior year, primarily due to deterioration in the loan book which was caused by oil revenue shocks, delayed salary payments for government workers (affecting the micro-lending business) and poor macroeconomic indices.

Operating expenses, were down two per cent to N65.8 billion, for the twelve-months ended December 2016, in spite of the high inflationary environment.

Loans and advances up 11 per cent to N660 billion in December 2016 (N593 billion in December 2015). The increase was driven largely by revaluation of FX-denominated facilities.

Total assets up one per cent to N1.17 trillion in December 2016 (N1.16 trillion in December 2015).

Customer deposits down six per cent to N658 billion in December 2016 (N700 billion in December 2015) as the bank replaced volatile wholesale term deposits with fixed rate bonds and borrowings.