Fcmb Reports Six Months Loss

CENTRAL BANK BUILDING ABUJA

Lagos (THEWILL) – Nigeria’s First City Monument Bank (FCMB) has posted a per-tax loss of N479 million naira ($3.2 million), for the six months ending in October 2009 according to filings with the Nigerian Stock Exchange.

The Bank’s gross earnings dropped to N35.21 billion naira as against N40.79 billion last year. According to the filings, the bank said its loss was due to the current melt down in the economy and the suspension of interest on bad loans.

It said it had so far recovered about $5.3 billion naira of non-performing loans and made adequate provisions for losses as mandated by the Central Bank.

It promised shareholders a return to profitability in 2010.

FCMB was recently audited and given a clean bill of health by the Central Bank. The bank is run by Ladi Balogun, who doubles as managing director/ chief executive officer.