FCMB Group Declares N34.4billion Gross Revenue in First Quarter 2016

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FCMB Group Plc has released its financial report for the first quarter ended March 31, 2016, indicating gross revenue of N34.4bn, as against N39.3 billion recorded within the same period in 2015.

The holding company, consisted of First City Monument Bank (FCMB) Limited, FCMB Capital Markets Limited, CSL Stockbrokers Limited and CSL Trustees Limited, attributed the decline partially to non-recurrence of exchange revaluation gains, reducing yields and a marginal decline in earning assets.

The details of the results, announced on the floor of the Nigerian Stock Exchange, NSE, showed that FCMB Group ended the first quarter of 2016 with a profit before tax of N2.2bn, compared with N5.8bn for the first quarter of 2015.

The Group Managing Director of FCMB Limited, Ladi Balogun, speaking on the result, said: “The commercial and retail banking division of FCMB Group witnessed improvements across a number of parameters when compared with prior quarter.”


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