FCMB has intimated its shareholders that they should expect a 76.13 decline in profit-after-tax (PAT) at the end of this financial year.
In a statement sent to the Nigerian Stock Exchange (NSE) on Friday, the lender disclosed that post-tax profit would dip from N17.3 billion in 2019 to N4.13 billion at the of this year, on the back of the impact of the coronavirus pandemic, which has crippled the country like the rest of the world.
The bank’s gross revenue is expected to fall by 74.91 per cent to N45.46 billion compared with N181.2 billion it raised last year.
Meanwhile, FCMB is targeting to cut operating expenses 76.27 per cent to N18.25 billion instead of N76.9 billion it spent last year for the same purpose.
It also foresees a 69.89 per cent reduction in loan loss provision to N4.14 billion this year from N13. 7 billion in 2019.
However, FCMB grew post-tax profit by 26.5 per cent to N11.1 billion in the first six months of this year as its gross earnings ticked up by 12.1 per cent to N98.2 billion during this period.