By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)-Nigeria’s top tier lender, First City Monument Bank Plc said on Monday its profit after tax (PAT) rose 38.3 percent to N22.13 billion in its 2014 audited year end from N16.01 billion recorded last year.

Similarly, profit before tax (PBT) climbed up 31.7 percent to N23.94 billion from N18.18 billion reported in the same period of 2013.

Also, gross earnings increased from N130.99 billion in 2013 end to N148.63 billion posted in 2014 audited year end; indicating an increase of 13.5 percent, the bank said in a filing with the Nigerian Stock Exchange (NSE).

In its corporate action filed with the Nigerian bourse, FCMB proposed a dividend of 25 kobo per share to shareholders of the bank compared to 30 kobo paid in 2013.

Investment One Research says the dividend yield is 9.73 percent based on N2.57 the close price at the last trading session.

The lender noted that closure date is April 03, 2015; while annual general meeting (AGM) and payment date for the 25 kobo dividend is April 23 and April 24 respectively.