FCMB Group Plc – NAIRAMETRICS| COMPANY EARNINGS

FCMB projects profit after tax of N8.51 billion in Q4 2021.

3 September 20213 September 2021 Chidi Emenike Leave a comment

First City Monument Bank Plc (FCMB) released its earnings forecasts for the fourth quarter of the year (Q4, 2021).

Gross earnings is projected at N48.22 billion
Net interest income is projected at N27.5 billion
Net operating income is projected at N35.92 billion.
Operating expenses projection of N20.4 billion.
Tax is projected at N751.4 million.
Profit after tax is projected at N8.51 billion.

See link to results.

Primrose Investment purchases additional 21.1m units of FCMB shares worth N65.3 million.

31 August 202131 August 2021 Chidi Emenike Leave a comment

Primrose Investment Limited, a real estate and property development company, has announced the purchase of additional 21.1 million units of FCMB Group Plc shares worth N66.6 million.

This is according to a recent disclosure, signed by the firm’s secretary, Olufunmilayo Adedibu, and forwarded to the Nigerian Stock Exchange.

Breakdown

The breakdown of the recent deal showed that Primrose Investment Limited purchased a total of 21,123,071 units of FCMB shares at an average price of N3.0916 per share. This puts the total consideration for the shares purchased at N65, 304,086.3

It is pertinent to note that the deal took place in seven tranches on 4th, 5th, 6th, 10th, 12th, 26th and 27th of August, 2021. The breakdown of the amount spent in each tranche is succinctly captured below;

In the first tranche, 6,888,555 units of the firm’s share were purchased at N3.1692 per share, grossing N21,831,208.51
Another 534,516 units were purchased at N3.0762 in the second tranche, totalling N1, 644,278.12.
In the third tranche, 5,100, 000 units were purchased at N3.0998 per share, grossing N15,808,980
A further 5,000,000 units were purchased at N3.1468 per share in the fourth tranche, grossing N15,734,000
In the fifth tranche, additional 500,000 units were purchased at N3.0977 per share, totalling N1,548,850.
An additional 600,000 units were purchased in the sixth tranche at N3.0128, totalling N1,807,680.
In the last tranche, 2,500,000 units of shares were purchased at N3.0389 each, worth N7,597,250

What you should know:

Recall that in July, Primrose Investment Limited had invested about N70.2 million in acquiring 22 million units of FCMB shares.
As at the period of reporting this, FCMB is currently trading N2.97, down by 2.62%.

2021 Half Year Results: FCMB Group reports a 22% dip in profit to N7.56 billion

28 July 202128 July 2021 Chidi Emenike Leave a comment

FCMB Group Plc released its unaudited financial results for the six months period ended 30th of June, 2021.

Net interest income for the period was N43 billion. (-5.2% YoY)
Net fee and commission income of N12.9 billion. (+33.5% YoY)
Personnel expenses totalled N14.6 billion. (+3.3% YoY)
Loans and advances to customers stood at N916.7 billion.
Profit after tax for the period was N7.56 billion. (-22.1% YoY)
Earnings per share of 38 kobo Vs 49 kobo YoY.
Total assets for the period stood at N2.2 trillion.

See link to results.

FCMB Pensions Limited acquires 60% stake in AIICO Pensions.

7 July 20217 July 2021 Chidi Emenike Leave a comment

FCMB Pensions Limited, a subsidiary of FCMB Group Pc, has announced the acquisition of a 60% stake in AIICO Pension Managers Limited (‘’AIICO Pensions’’).

This is according to a notice issued by the FCMB Group and made available on the website of the Nigerian Exchange Group Limited (NGX), as seen by Nairametrics.

The breakdown of the acquisition shows that FCMB pensions acquired a 33.9% stake held by AIICO Insurance Plc and 26.1% stake held by other shareholders in AIICO Pensions.

Back story:

On 25th of June 2020, FCMB Pension Limited announced that it is in talks with AIICO Pensions to acquire a total of 96.3% stake in the latter. The deal was confirmed by both firms in two separate disclosures filed with the defunct Nigerian Stock Exchange (now known as the Nigerian Exchange Limited).

According to the template of the initial deal, FCMB Pensions proposed to acquire 70% stakes held by AIICO Insurance Plc and 26% stake held by other stakeholders in AIICO Pensions.

In a bid to facilitate the deal, the parties sought for prerequisite regulatory approvals, particularly from the Federal Competition and Consumer Protection Commission as well as the National Pension Commission.

Having obtained regulatory approvals, the acquired stake was reduced from the initial 96.3% so as to comply with the transaction structure approved by regulators.

What this deal means

According to the notice, the goal of the recent acquisition is to combine the businesses of FCMB Pensions and AIICO Pensions so as to build a stronger and more resilient business. By the virtue of the deal, AIICO Pensions will now be an indirect subsidiary of FCMB Group Plc.

FCMB Pensions Limited (formerly Legacy Pension Managers Limited) is a private limited liability company incorporated on 7th of April 2005. It is duly licensed by the National Pension Commission (PenCom), to carry on business as a Pension Fund Administrator (PFA) as defined under the Pension Reform Act, 2014. FCMB Pensions is a subsidiary of FCMB Group Plc.

Primrose Investment Limited injects N70.2 million in additional FCMB shares.

1 July 20211 July 2021 Chidi Emenike Leave a comment

Primrose Investment Limited, a real estate and property development company, has announced the purchase of additional 22 million units of FCMB Group Plc shares worth N70.22 million.

This is according to a recent disclosure, signed by the firm’s secretary, Olufunmilayo Adedibu, and sent to the Nigerian Exchange Group Limited (NGX).

Breakdown

The breakdown of the recent deal showed that Primrose Investment Limited purchased a total of 22,000,000 units of FCMB shares at an average price of N3.1917 per share. This puts the total consideration for the shares purchased at N70, 217,400.

It is pertinent to note that the deal took place in three tranches on 24th, 28th and 29th of June, 2021. The breakdown of the amount spent in each tranche is succinctly captured below;

In the first tranche, 500,000 units of the firm’s share were purchased at N3.0956 per share, grossing N1, 547,800.
Another 500,000 units were purchased at N3.1 in the second tranche, totalling N1, 550,000.
The last tranche recorded the highest deal with the purchase of 21,000,000 units at N3.3796 per share, grossing N70, 971,600.

What you should know:

Earlier this year, Nairametrics reported that Primrose Investment Limited had spent N66.6 million on the purchase of additional 20 million shares of the company

First City Monument Bank Plc projects profit after tax of N3.4 billion in Q3 2021.

8 June 20218 June 2021 Chidi Emenike Leave a comment

First City Monument Bank Plc has released its earnings forecasts for the third quarter of 2021 (Q3 2021).

Gross earnings were projected to hit N45.9 billion.

Net interest income was projected at N21.44 billion.
Net operating income projection of N30.72 billion.
Operating expenses were projected at N23.8 billion.
Tax projections of N415.51 million
Profit after tax is projected at N3.4 billion.

See link to forecasts.

FCMB Group Plc appoints Muibat Ijaiya as Director.

7 May 20217 May 2021 Chidi Emenike Leave a comment

First City Monument Bank (FCMB) Group Plc has announced the appointment of Ms. Muibat I. Ijaiya into its board as an Independent Non-Executive Director, following the obtaining of a regulatory approval from the Central Bank of Nigeria.

The Group in a notice signed by its secretary, Olufunmilayo Adedibu expressed confidence in the abilities of the newly appointed Director, given her wealth of experience and profile. An excerpts of the notice read: ‘’ Muibat continues to work in advancing the science of strategy execution, particularly for organizations in complex industries and public institutions focused on transforming key sectors, and the Board is assured that her wealth of experience would be of great impact to the FCMB Group.’’

Profile

Muibat Ijaiya is a Strategy Development and Execution expert with over 19 years of consulting and advisory experience. Prior to her appointment, she was a partner at Strategy Management Partners. She had also worked for various reputable firms such as Ernst and Young (UK), Palladium Group (UK and Middle East) among others.

She is an alumna of University of Surrey and Warwick Business School where she obtained BSc and MSc degrees respectively. She also holds an MBA from the University of Manchester.

For more information about her appointment, click HERE.