FCMB Suffers Huge Decline in Profit, Revenue in Six Months

By Modupe Gbadeyanka

Second tier lender in Nigeria, FCMB Plc, has recorded a sharp drop in its profit in the first half of this year.

In its financial statements released to the Nigerian Stock Exchange (NSE) on Friday, the financial institution recorded a decline in its revenue by a whopping 70 percent, declaring N5.7 billion as total revenue as at June 30, 2017, compared with 18.9 billion declared in the corresponding period of 2016.

Also, its gross earnings suffered a loss during the period, crashing to N77.5 billion from N88.3 billion a year ago.

Furthermore, the profit before minimum and income taxes slumped to N3.8 billion from N16.3 billion 12 months ago.

In addition, the bank recorded a profit of N3 billion in the period under review compared with N15.7 billion achieved in the first half of last year.

FCMB has continued to struggle to meet up with the top players in the banking industry in Nigeria, though it has made a significant improvement over the years.

View full financial statements here