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.