By InvestAdvocate

Lagos (INVESTADVOCATE)-Nigeria’s First City Monument Bank Plc (FCMB) Monday declared a Gross Earnings of N52.555 billion in its Second Quarter (Q2) Report for the Period Ended June 30 2012.

This is contained in the Bank’s Q2 Report for 2012 released to the Nigerian Stock Exchange (NSE) and made available to www.investadvocateng.com in Lagos Nigeria.

FCMB recorded a Gross Earnings of N52.555 billion in Q2 of 2012 compared to N33.549 billion in the same period of year 2011; indicating an increase of 56.7 percent (56.7%) in the review period.

Profit After Tax (PAT) in Q2 of 2012 was N6.718 billion compared to N5.319 billion in the Q2 of 2011; showing an increase in PAT of 26.3%.

While Profit Before Tax (PBT) also rose from N6.648 billion in Q2 of year 2011 compared to N7.799 billion in the review period of year 2012; representing an increase in PBT of 17.3%.

In May this year, FCMB announced a PBT of N4.4 billion in its First Quarter (Q1)  Ended March 31, 2012, showing a recovery from the a Loss of N9.0 billion it posted for the 2011 financial year.

The Unaudited Group Result in the Q1 2012 of the Bank shows Total Assets recorded a growth of 46% to N881 billion from N603 billion in December 2011.

As earlier Reported, in March this year FCMB announced it will declare a N9.00 billion ($57 million) Loss by issuing a Profit warning for the year ended December 31, 2011.

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.

“The Bank has notified The Exchange that following observed deteriorations in restructured loans and legacy investments, the Bank has made additional net provisions and write-offs between Q3 2011 and Q4 2011. These provisions will result in an after tax loss of around N9 billion” FCMB said.

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.

Relatated Stories:

1.N9 billion Loss: FCMB reward investors 3 for 20 bonus dividend

2. FCMB to declare N9.00 billion ($57 million) Loss in 2011 end

3. FCMB completes Finbank buyout