FCMB Projects N3.53 Billion Profit After Tax for Q1 2021

FCMB Group Plc has predicted that its gross earnings will moderate from N48.3 billion filed in the third quarter of 2020 to N44.476 billion in the first quarter ending 31, March 2021.

In the Group earnings forecast released on Monday, the lender forecast interest income of N35.859 billion and an interest expense of N12.422 billion for the first quarter of 2021.

FCMB predicted that net interest income will increase slightly from N22.7 billion recorded in the third quarter to N23.437 billion by the first quarter of next year.

Foreign Exchange earnings was estimated at N400 million while securities trading contingent income, transaction commissions and other income were projected at N1.398 billion, N217.163 million, N6.172 billion and N429 million, respectively.

The lender puts net operating income at N32.054 billion and loan losses/writebacks at N4.156 billion.

Operating expenses expected at N23.685 billion by the first quarter of 2021 while profit before tax is projected to decline from N4.8 billion achieved in the third quarter of 2020 to N4.2 in the first quarter of 2021.

Accordingly, profit after tax is expected to decline to N3.531 billion in the first quarter of 2021, down from N4.2 billion posted in the unaudited financial statements released for the third quarter of 2020.