First City Monument Bank Plc Releases Q1 2011 Unaudited Results
Thursday, April 28, 2011
LAGOS, NIGERIA – 28 APRIL 2011 – First City Monument Bank PLC (Bloomberg: FCMB NL) (“FCMB” or the “Bank” or the “Company”), announces its unaudited results for the 3 months ended 31 March 2011.
Financial Performance Highlights
- The Group profit before tax for the 3-months ended March 2011 grew 204% to N3.4bn from N1.1billion for the same period previous year. This was fuelled by 64% growth in net interest income and 69% growth in non interest income between Q1 2010 and Q1 2011. PBT growth also compared favourably with Q4 2010 where PBT was N2.9bn, representing a growth of 17%.
- Net loan loss expense was N0.5bn as against net recovery of N1.6bn in the same period of the preceding year.
- Gross earnings grew 15% in Q1 2011 to N16.6bn from N14.4bn in Q1 2010.
- Cost Income ratio improved in the quarter from 79% in Dec 2010 to 67% in March 2011.
- Operating expenses grew marginally by 5% to N8bn in March 2011 from N7.7bn for the same period in 2010. Growth from Q4 2010 was contained at 1%.
- Loan quality improved in the first quarter with the non-performing loan ratio falling to 5.2% from 8% as at March 2010 and 5.5% as at 31 December 2010.
- Risk asset growth was sustained into the new year, growing by 5% between December 31st 2010 and March 31st 2011.
Barring any unforeseen circumstances, Management expects performance indices to continue to improve during the course of the financial year.
Comment With Your Facebook or Yahoo! ID