By Modupe Gbadeyanka
First City Monument Bank (FCMB) Group Plc has announced the commencement of the interim audit of its nine-months ended September 30, 2016.
In a statement issued on Monday, October 24, 2016, FCMB Group Plc noted that this would cause a slight delay in the submission of its financial results.
It said the financial results of its third quarter of the year 2016 would be “released before the end of November (2016), due to the bank’s interim audit.”
“FCMB Group Plc would like to inform the investment community of the commencement of the interim audit of First City Monument Bank Ltd as at 30 September 2016, by KPMG, the bank’s auditors, which should pave way for the release of the 3Q16 earnings results of FCMB Group Plc, on the Nigerian Stock Exchange, before the end of November 2016,” part of the statement read.
It concluded that, “As always, please do not hesitate to contact the investor relations team if you have any enquiries.”
FCMB Group Plc has remained one of the most viable companies in Nigeria since its inception in 1977 as City Securities Limited (CSL), a stockbroking and issuing house and registrar business.
In 1982, First City Merchant Bank Limited was established in 1982 with seed capital from the success of CSL.
It began operations as a licensed deposit taker and merchant bank on 11 August 1983 assuming the corporate finance and issuing house activities of CSL and becoming the first Nigerian merchant bank to be established without government or international support.
In 2000, it grew to become the first and only merchant bank to achieve N1 billion profit. It later metamorphosed into First City Monument Bank Limited a year later and commenced commercial banking activities.
In 2004, the bank changed status from a private limited liability company to a public limited liability company, and was listed on the NSE in December of that year.
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