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FCMB GROUP PLC FY'16 - Impressive earlier quarters boost y/y performan...
​Impressive earlier quarters boost y/y performanceFCMB released its FY’16 performance, reporting a 16% y/y growth in Gross Earnings and an over 200% y/y rise in PAT (supported by low base of FY’15). Whilst we highlight the modest bottom line recovery in Q4’16 (PAT: ₦1.4 billion) following the ₦2.7 billion loss recorded in Q3’16, we note that Q4’16 Gross Earnings came in significantly weaker (down 32% q/q) – pressured by a dismal Non-Interest Income of ₦2.9 billion vs. ...
CORR: FCMB PLC-PAT lags estimates as loan loss expense sinks earnings
Coming off a strong H1’16 performance, FCMB reported relatively weak 9M’16 earnings as a sharp rise in loan loss provision overshadowed the decent top line performance. Although 9M’16 PAT rose significantly to ₦13.0 billion (9M’15: ₦1.9 billion), the line came in lower compared to H1’16: ₦15.7 billion. In line with the trend observed across the industry (particularly in Q3), FCMB recorded a loan loss expense of ₦34.5 billion for the 9M period (Vetiva estimate: ₦18.5 billion),...
FCMB GROUP PLC - Weak top line pressure earnings
​FCMB released Q1’16 results, lagging our already modest expectation as pressure persisted across key line items. Although we saw impressive cost containment as OPEX came in flat y/y and q/q (just in line with our N16 billion estimate) and Interest Expense declined 20% y/y (13% better than our estimate), significant top line pressure capped bottom line. With both Interest and Non-Interest Income down 12% and 19% y/y respectively (2% and 17% behind our estimate), Gross Earnings declined 13% y...
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