FCMB declares N15bn profit after tax for 2012

The profit after tax was an increase of 256 per cent over 2011 earnings.

First City Monument bank (FCMB) has announced a growth of 54.3 per cent in gross earnings for the financial year ended December 31, 2012.

The bank said in a press statement issued in Lagos on Monday that its gross earnings stood at N116.83 billion in 2012, compared to the N75.70 billion it posted in the corresponding period of 2011.

The bank also declared a bonus of one additional share for every 25 shares held by its shareholders.

“Profit after tax grew by 256 per cent to N15.12 billion in 2012 while profit before tax appreciated by 252.1 per cent during the review period to N16.23 billion.

“Its loans and advances improved by 10.7 per cent to N357.79 billion against the N323.35billion declared in 2011.

“The bank’s total assets appreciated to N909 billion in 2012, in contrast with N895 billion in the comparative period of 2011.

“FCMB’s merger with the defunct FinBank also impacted positively on the performance of the bank as its operating income grew by 37 percent,” the statement added.

Similarly, the bank’s first quarter result ended March 31, 2013 showed, a profit after tax of N4.2billion against the N4.1billion made in the corresponding period of 2012.

Gross earnings increased to N31.41 billion within three months, compared to N26.12billion posted in the preceding year of 2012.

The Group Managing Director/Chief Executive of FCMB, Ladi Balogun, said that the bank was pleased to return to profitability after the challenges of 2011.

Balogun attributed the growth to successful merger between the bank and the defunct FinBank.

“The trend continued in the first quarter of 2013 and we expect our performance to gather momentum as we begin to improve productivity of the immense resources and capacity we have acquired,” he said

Mr. Balogun said that the bank had set a target to be among the top five banks in the country by the year 2015.

(NAN)