Click here to view FCMB Group Plc : Interim Audit Update

By InvestAdvocate

Lagos (INVESTADVOCATE)- FCMB Group Plc (FCMB) on Monday issued a profit warning in expectation of its delayed third quarter (Q3) 2015 earnings before the end of January 2016.

Peter Obaseki, the managing director (MD) of FCMB Group Plc, in a notice to the Nigerian Stock Exchange (NSE) said Q3 2015 earnings as at September 2015, will be materially below earnings for the same period in 2014, due to two factors: a spike in impairments particularly in the energy sector and the significant reduction in trade finance-related revenues due to foreign exchange illiquidity.

“This trend continued in 4Q15 and largely emanated from wholesale banking activities, while retail banking showed greater resilience and earnings momentum. 2016 will be characterised by continued growth in retail contribution, stabilisation of wholesale banking revenues and increased focus on cost efficiencies (opex, funding and risk) in order to restore earnings levels,” Obaseki added.

At the close of today’s trading on the local bourse shares of FCMB dipped 8.47 percent to N1.08 per share from N1.18 per share recorded the last session.