First City Monument Bank Plc has announced a N6.1bn group profit before tax for the nine-month period ended September 2010.
This is against the N300bn recorded in the same period previous year.
A press statement issued by the bank on Friday, said the main contributor to this was improved assets quality, culminating in a net write- back of N1.8bn in 2010, as against N12.7bn charged in the previous year.
Quarterly profitability trend also showed improvement, growing from N1.1bn in first quarter to N2.3bn and N2.6bn in second and third quarters respectively, largely due to loan growth and related income.
However, total gross earnings fell by 20 per cent in 2010 to N44bn from N55bn in 2009, while it had been oscillating between N14.3bn and N15bn in the past three quarters. The bank attributed this to a general fall in interest income on loans and liquid assets.
Net interest margin remained flat in the third quarter at previous year, rate of five per cent, indicating an improvement over the average of six percent first and second quarters.
Non-interest income grew 13 per cent year-on-year in 2010 to N9.9bn from N8.8bn in the corresponding period of 2009. This was largely driven by increase in loan volume and transaction commissions, according to the statement.
Source:http://www.punchng.com/Articl.aspx?theartic=Art201010311224418
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