By InvestAdvocate
Lagos (INVESTADVOCATE)-First City Monument Bank Plc (FCMB) Monday proposed to reward investors of the Bank a 3 for 20 bonus dividend in its Audited Year-end Results (Dec. 31, 2011).
This is contained in the Profit and Loss Information of the Bank to the Nigeria’s Exchange and made available to www.investadvocateng.com in Lagos Nigeria.
The Bank said closure date of Register of shareholders whose names appears on its Register is April 23 to April 27 2012 and Annual General Meeting (AGM) date has been scheduled for May 21 2012 in Lagos Nigeria.
A look at the Bank’s Audited Result shows that FCMB recorded a Loss in its Profit After TAX (PAT) as it posted a negative N9.915 billion in year 2011 end compared to N7.934 billion Profit declared in year 2010 end; showing a negative PAT growth of 225.0% in the review period.
In the same vein, Profit Before Tax (PBT) also went from a Profit of N9.025 billion in 2010 end to a Loss of N11.354 billion in year 2011 end.
However, the Bank recorded a positive Gross Earnings growth of 28.3% as it recorded N80.398 billion in year 2011 end; compared to N62.686 billion in 2010; indicating a growth of 28.3%.
This is coming on the heels of the Bank declaring a N9.00 billion ($57 million) Loss by issuing a Profit warning for the year ended December 31, 2011.
As earlier reported, FCMB said the Loss is as a result of observed deteriorations in Restructured Loans and Legacy Investments due to additional Net Provisions and write-offs between the Third and Fourth Quarter (Q3 and Q4) of year 2011.
A breakdown of the N9.00 billion proposed Loss include, impairments to equity underwritings to the tune of N4.9 billion, Losses recorded on the sale of systematically significant and other loans – N11.6 billion, primarily in the oil trading sector; and other loan losses and write-offs worth N13.0 billion.
The Bank further affirmed that 98 percent (98%) of the Assets sold and written off in 2011 were as a result of restructured loans or underwritings initiated prior to 2009.
