The management of First City Monument Bank (FCMB) group has promised market stakeholders January ending before submitting its interim audited third quarter 2015 (Q3’2015) financials to the Nigerian Stock Exchange (NSE).
The Managing Director of FCMB Group Plc, Peter Obaseki in a statement said: “ Q3 2015 earnings as at September 2015, will be materially below earnings for the same period in 2014, due to two factors: a spike in impairments particularly in the energy sector and the significant reduction in trade finance-related revenues due to foreign exchange illiquidity.
“This trend continued in Q4’2015 and largely emanated from wholesale banking activities, while retail banking showed greater resilience and earnings momentum.
He said this year would be characterised by continued growth in retail contribution, stabilisation of wholesale banking revenues and increased focus on cost efficiencies (opex, funding and risk) in order for the group to restore its earnings levels.
The group share has dropped by 36 per cent In 2016, from N1.69 it opened the year to close at N1.08 today.
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