FCMB GROUP 3RD QUARTER RESULTS DELAYED.

Most quoted banks have since late last year released third quarter results to September but not so for the FCMB Group PLC. Investors and the stock exchange may not get the relevant figures before this month ends.
According to update sent  to the stock exchange dated January 15, release  of the third quarter figures is being delayed by interim audit of the Groups banking subsidiary which may be concluded in the fourth week of this month.
However, according to Group Managing Director, Peter Obaseki, it is already discernible that the earnings for the period will be lower than September 2014 levels.
He attributed this to two significant factors: leap in loan loss provision especially in the energy sector and significant reduction in trade finance related revenue from wholesale banking activities although retail banking showed greater resilience and growth.
Thus, he says the current 2016 year will be "characterized by continued growth in retail banking contribution, stabilisation of wholesale banking and increased focus on cost efficiencies in order to restore earnings levels"
The FCMB group comprises First City Monument bank, CSL stockbrokers, FCMB Capital Markets and CSL Trustees.
It is a seed that sprouted from the incorporation of City Securities ltd as stockbroking firm, issuing house and registrar in 1977.
Today's flagship, the banking subsidiary was established in 1982 then started operating as a merchant bank in 1983.

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