FCMB on Thursday, November 29, 2018 released its unaudited interim financial statements for the nine months ended September 30, 2018, reporting gross earnings of N132.874 billion, an increase of 11.8 percent from the N118.816 billion achieved in the corresponding period of 2017.
The result, which was submitted to the Nigerian Stock Exchange in Lagos Thursday, November 29, 2018, showed that profit before tax stood at N14.767 billion, a 116 percent increase. The figure stood at N6.841 billion in the corresponding period of 2017. Similarly, profit after tax at N11.341 billion represents a growth of 107 percent in comparison to N5.469 billion recorded in 2017.
The result, which was submitted to the Nigerian Stock Exchange in Lagos Thursday, November 29, 2018, was described as positive by Proshare, an investment analysis and financial information firm. It said, “FCMB’s Q3 2018 results surprised positively relative to ours and consensus forecasts. When annualised, its 9M 2018 PBT of N14.8bn is well ahead of our 2018E PBT forecast of N16.5bn and consensus 2018E PBT forecast of 14.8bn. Although we would normally expect the market to react positively to the results given the extent of the positive surprise, the reaction may be dampened by the prevailing weak market conditions. Despite the stellar results, a potential deterioration in asset quality in Q4 2018 could pose significant downside risks to earnings.”
