FCMB Falls after Earnings Forecast, Unusual Volume
FCMB Group Plc’s market valuation bumped last week. The Tier-2 bank recorded a marginal decline in valuation after its earnings forecast triggered an unusual volume of share trading in the local bourse.
According to its latest regulatory filing, FCMB forecasted its third quarter of 2023 gross earnings to settle at N96.499 billion. The group to the Nigerian Exchange it will deliver N12.008 billion pretax profit in the third quarter of 2023.
However, the group estimated profit after tax will print at N10.749 billion in the same period following a tax provision of about N1.259 billion
The financial service group projected a net interest income of N37.650 billion for the period and hopes to see its net operating income at N55.187 billion at the end of the third quarter of the year.
FCMB estimates more than N7 billion as loan losses for the period amidst pressures on asset quality.
Taking cognizance of changing market dynamics and inflation uptrend, FCMB told the Nigerian Exchange that its operating expenses in the period would print at N36.166 billion at the end of the period
The group recorded a last-minute gain on Friday as investors took bets on 204.8 million shares, which then pushed the share price to N4.59 from the previous close of N4.50 per share.
Analysts have started keeping tabs on what’s beginning to shift after 204.812 million shares were consummated in the local bourse at a total value of N940.088 million.
Data from the Nigerian Exchange puts N90.894 billion market value on FCMB Plc, spread over its 19.802 billion shares outstanding. # FCMB Falls after Earnings Forecast, Unusual Volume Access Bank Controls 19% of Nigerian Banking Assets
