FCMB Insider Purchases 1 million Shares

An Insider at Tier- 2 Lender FCMB Group has just purchased 1 million shares in the bank, according to a filing on the Nigerian Stock Exchange (NSE).
Olufemi Badeji, the FCMB Insider is an Executive Director in the bank made the purchase at an average price of N1.75 between the 3rd and 5th of June 2020.
FCMB Full Year 2019 audited results show pretax and after tax profit growth of 9.2 percent year on year (YoY) and 15.8 percent YoY respectively.
Supporting the growth in earnings were increase in net interest income and better cost efficiency over the period.
In addition, FCMB also reported lower provisioning (-2.6% YoY to N13.7 billion) with non-performing loan NPL ratio improving to 3.7% (FY 18: 5.9%).
Insiders may be buying because they perceive the stock as cheap at these levels. FCMB closed trading at N1.71 per share. The stock is up 10.83 percent in the past year.