Fcmb Targets Earnings Boost – Ladi Balogun

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Lagos, Nigeria: March 20, 2012 - Group Managing Director/Chief Executive Officer of First City Monument Bank (FCMB) Plc, Mr. Ladi Balogun has said the bank will target a 14 percent return on equity and earnings per share of N1.10k ($0.01) this year, after it acquired rival lender Finbank last year.

Ladi Balogun told an investor conference call he expected Finbank, which was one of the lenders rescued by the Central Bank of Nigeria (CBN) in 2009, to become profitable and add more than 10 percent to FCMB's overall profitability this year.

"Our ROE will get back to the mid-teens this year and our expectation is that EPS will be around 1.10 naira," he said.

"With a wider retail customer base and far greater liquidity, we are confident that this transaction (the Finbank acquisition) will improve the sustainable profitability and overall liquidity of the bank."

FCMB shares gained 4.59 percent to N3.88k on Tuesday, recouping some of the losses sustained on Monday after the mid-size lender posted a pre-tax loss of 11.35 billion naira ($72.02 million) in 2011 due to bad loans.

FCMB said it expects to ...
... complete operational integration of Finbank into FCMB by June 2012, which will see it double its combined branch network and customer base.

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