FCMB Group Plc, said it yet to be released third quarter earnings for the period ended September 30, 2015 and fourth quarter earnings for the period ended December 31, 2015, will be materially low compared with what was recorded in 2014.
According to a statement sent to the Nigerian Stock Exchange (NSE), The Managing Director Peter Obaseki, attributed the drop in earnings to spike in impairments particularly in the energy sector and the significant reduction in trade finance related revenue due to foreign exchange illiquidity.
He explained that the impact on the 2015 fourth quarter, largely emanated from wholesale banking activities, while retail banking showed greater resilience and earnings momentum.
He pointed out that 2016 will be characterised by continued growth in retail contribution, stabilization of wholesale banking revenues and increased focus on cost efficiencies in order to restore earnings levels.
Meanwhile, FCMB Group Plc, has slated the fourth week in January for completion of the banking subsidiary interim audit, which should pave way for the release of the 2015 third quarter earnings, before the end of January 2016.