FCMB set for revenue decline in second quarter
First City Monument Bank (FCMB) has projected its revenue for the second quarter (Q2) of 2023 will fall short of the gross earnings recorded during the same period in 2022.
FCMB made this known in its group earnings forecast to shareholders and obtained by Ripples Nigeria on Wednesday.
The corporate document disclosed FCMB expects its gross earnings between April to June to be N89.17 billion, indicating the firm will not surpass the N126.22 billion generated in Q2 last year.
Similarly, the firm’s Net Interest Income was also projected to fall, as FCMB forecasts N34.55 billion for the second quarter of this year.
Read also:FCMB receives CBN’s approval to seek local investors
This is against the N60.16 billion reported for the corresponding period in 2022, checks by Ripples Nigeria showed.
According to the forecast document, FCMB’s net profit will close down at N9.83 billion, far from the N13.66 billion the company reported as profit after tax a year before.
Meanwhile, with the expectation of revenue decline, FCMB has approached the Securities and Exchange Commission (SEC) to borrow N30 billion.
The capital, which will increase the company’s liquidity to finance operations, will be raised through the N300 billion Debt Issuance Bond Programme of FCMB.
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