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Nigeria's FCMB says pre-tax profit down 77 pct

Mon Nov 9, 2009 5:11am EST

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LAGOS, Nov 9 (Reuters) - Nigeria's First City Monument Bank (FCMB) (FCMB.LG) said on Monday its pre-tax profit slumped 77 percent to 4.77 billion naira ($32 million) in the 12 months to the end of April, dented by provisions for loan losses.

Financials

The bank made a 21.89 billion naira provision for loan losses in the period, up from 3.15 billion the previous year, it said in a filing with the Nigerian Stock Exchange.

Gross earnings rose to 71.65 billion naira compared to 52.81 billion naira a year earlier.

By the end of this year, FCMB and all other Nigerian banks will adopt a common January-December financial year.

(Reporting by Oludare Mayowa)
Financials


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