FCMB Group notifies investors on Q3 results delay

• appoints new Executive Director

FCMB Group Plc has announced that it would not file its third-quarter (Q3 2019) unaudited financial results for the period ended 30 September 2019 on the due date of 31 October 2019.

This was revealed by the Group in a statement made available to the investing public and the Nigerian Stock Exchange (NSE).

FCMB said it would not file the results because the interim audit of the company’s commercial banking subsidiary, First City Monument Bank Limited had commenced for the period ended 30 September 2019.

The Group, however, promised that its consolidated third-quarter 2019 results would be released to the Nigerian Bourse on or before 29 November 2019.

FCMB recorded a gross revenue of N177.4 billion in 2018 against N169.9 billion in 2017. The company’s revenue grew by 4.3% year-on-year.

The company’s profit before tax stood at N18.4 billion in 2018 as against N11.5 billion in 2017. This represents a 73%ncrement.

Profit after tax stood at N14.9 million in 2018 against N8.6 million in 2017. This represents an increment of 73.8%.

First City Monument Bank Plc (FCMB) also declared and paid a dividend of 14 kobo per ordinary share, translating to N2.77 billion for the financial period ended Monday, December 31, 2018.

Early February, FCMB developed an initiative to empower women-owned SMEs with zero-interest rate on loans to support grow and expand small and medium enterprises in the country.

The zero-interest-rate loan targeted female business owners in Nigeria who need affordable and convenient funding to boost their respective businesses in a country where small and medium businesses are believed to be deprived of low-interest rate loan opportunity.

The development was in line with the commitment of the bank to empower women-owned SMEs (existing and starting) through financial support and advisory and value-added products to enhance customer experience and overall contribution to the growth of the country.

The bank has also announced the appointment of Olufemi Badeji as its new Executive Director – corporate and investment banking.

In a statement made available to the investing public, the lender disclosed that Badeji’s appointment had been approved by the Central Bank of Nigeria (CBN), with effect from October 2, 2019.

Olufemi Badeji holds a BSc. degree (magna cum laude) in Electrical Engineering, with a minor in mathematics, from the University of Hartford, Connecticut, USA and an MSc. in Electrical Engineering, with a specialization in computer and communications networks from Worcester Polytechnic Institute, Manchester USA. After working for 5 years as a system software Engineer, he obtained his MBA in Finance and Accounting from Wharton School, the University of Pennsylvania in 2006.