FCMB declares 10kobo dividend despite profit warning

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Despite sending earnings warning to the market, FCMB Holding Plc has declared 10 kobo dividend to shareholders as showed in its audited account for the period ended December 31, 2015, which is below 25 kobo that was paid in 2014.

According to the financial statement gross earnings was up by 2.60 percent to N152,507 billion against N148,637 billion in 2014.

Profit after tax was down by 78.49 percent to N4,761 billion against N22,133 billion in 2014. Profit after tax dropped by 67.55 percent to N7,769 billion against N23,943 in 2014.

Other highlight of the audited account shows that net interest income dropped by 12 percent to N63.94 billion as the bank shrunk its balance sheet in response to the challenging macro environment which necessitated optimisation of assets and liabilities.

Non-interest income also dropped by 8.59 percent to N25.76 billion as other income fell by about 50 percent. Impairments charges went up by 41 percent to N15 billion as the bank to charges on its loan assets which it had previously communicated to the market.

According to market watchers the weakening macro environment and exposure to tier-2 oil/gas assets almost made this outcome inevitable.

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