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Showing posts with the label Ladi Balogun

FCMB Posts Reduced Profit

FCMB Group Plc on Wednesday declared a profit after tax of N8.3bn for the half-year ended June 30, 2015, 13 per cent lower than the N9.576bn it made in the same period last year. Although the group grew its gross earnings by 11 per cent from N69.620bn to N77.353bn in the review period, higher expenses led its profit before tax to dip by 14 per cent from N11.140bn to N9.565bn. FCMB’s financial statements, which it filed with the Nigerian Stock

Zumax Nigeria drags FCMB to Court over N1 Bbillion Monumental Fraud

Zumax Nigeria has dragged FCMB to court over improper management of it account and the diversion of N1 Billion,resulting in what it called monumental fraud. There have been amazing revelations in the Lagos State High Court, where FCMB is currently defending allegations that it is responsible for the massive defrauding of a corporate customer.  (The suit no. in the


First City Monument Bank (FCMB) Plc has released its financials for the year ended December 2010 declaring profit after taxation of N7.9 billion and a proposed dividend of 35kobo to the shareholders. The N7.9 billion profit after taxation declared by the bank represents 837 per cent growth in post-tax earnings on an annualised basis compared to the N564 million for the 8-months ended December 2009, following the 2009 change in financial year-end. The Group audited result for the financial year also showed that while profit after taxation grew by 837 percent, Gross earnings for the Group was N63 billion, a 17 per cent annualised growth over the period ended December 2009. A statement by the bank also showed that Risk assets grew by 38 percent from N240 billion as at December 2009, to N330 billion as at December 2010. Net interest margin however, narrowed during the year. This, the bank said was due to the low interest rate environment and the focus on high quality credit, resulting in a