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Thursday, May 26, 2022

FCMB Makes Loss in 3 Out of 8 Business Segments

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While First City Monument Bank (FCMB) Group eked out a slim profit in its audited 2021 full year results released Friday, it happened to report a loss in 3 out of 8 business segments of the Group.

The loss positions were reported in the commercial banking, corporate banking and institutional banking segments, MoneyCentral’s deep dive into the financials reveals.

Commercial banking reported a loss of N673.7 million, corporate banking a N9.34 billion loss and institutional banking made a loss of N700 million. The corporate banking segment had the second highest reportable assets at N603.6 billion for the Group.

FCMB as a whole reported pretax profit of N22.71 billion, which was up just 3.67 percent compared to 2020. The commercial banking segment provides banking services to Small and Medium Enterprises (SME) and commercial registered businesses with an annual turnover between N2.5bn and N5billion.

Read Also https://moneycentral.com.ng/exclusive/article/first-bank-fcmb-need-to-raise-capital-to-meet-basel-iii-requirements/

Corporate Banking incorporates direct debit facilities, current accounts, deposits, overdrafts, loan and other credit facilities, foreign currency and derivative products.

The corporate banking business unit caters for the specific needs of companies and financial institutions with an annual turnover in excess of N5 billion.

Institutional banking includes government financing, financial institutions, and multilateral agencies. The business unit caters for governments at the various levels and their agencies, according to FCMB.

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