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PBT - FCMB surpasses industry standard by 27.2%



Proshare NI

April 18, 2008 at 18:19 GMT


The Profit before Tax (PBT) of First City Monument Bank Plc (FCMB) for the 2006/2007 year end surpassed the industry standard by 27.2 percent. Ladi Balogun, Managing Director (MD) of the bank confirmed this at the floors of the Nigerian Stock Exchange (NSE) while presenting the bank’s “Facts behind the Figures” in Lagos Nigeria.


Other key growth indicators; which the bank outstripped the industry include Gross Earnings and Total Deposits. FCMB in the period under review recorded a 128 percent Gross Earnings compared to the 75 percent the industry recorded, surpassing the industry record significantly by 71 percent.


In the same vein, the bank beat industry record by 81.52 percent in terms of Total Deposits; it recorded a Total Deposit of 167 percent compared to 92 percent recorded by the industry as a whole.


The bank also projected a Profit after Tax (PAT) growth rate of 61 percent per annum (PA) and Earnings per Share (EPS) growth rate of 57 percent PA over the next five years respectively.


FCMB also projected an EPS of 557 Kobo in 2012 compared to the 92 Kobo EPS April 2008 estimate; which is 505.43 percent higher.


In the Quarter three (Q3) financial result ended January 31, 2008, Gross Earnings of the bank grew to N35.861 billion to N17.543 billion in the same period in 2007, indicating a growth of 104.42 percent contrary to 207 percent written on the document made available to the public by the bank.


While PBT and PAT also increased from N4.431 billion to N11.244 billion and N3.545 billion to N8.995 billion in the period under review indicating an increase of 154 percent respectively.

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