Business

FCMB forecasts drop in PAT for Q4, 2020

FCMB Group Plc, has formally informed its shareholders and the general public that its profit after tax (PAT) is expected to be about N4.1 billion in the fourth quarter of 2020.

In a notice to the investing public mid-week, FCMB also said it anticipates its profit before tax should close at N4.7 billion in the same period under consideration.

When compared with the same period of 2019, the Q4 net profit expectation will be 40.6 per cent lower than the N6.9 billion last year. For the pre-tax profit in Q4, 2020, representing 34.7 per cent lower than the N7.2 billion recorded in the fourth quarter of last year.

In the forecast, the bank said its gross earnings should drop 10.6 per cent year-on-year to N45.5 billion from N50.9 billion, while the interest income is anticipated to reduce by 6.1 per cent year-on-year to N37.1 billion from N39.5 billion, with the interest expense expected to remain flat at N18.4 billion in the comparative periods and the net interest income predicted to drop to N18.7 billion from N21.1 billion.

It would be recalled that the National Bureau of Statistics (NBS) in its release last week said the gross domestic product (GDP), which measures economic activities, contracted by 6.10 per cent in the second quarter of the year as a result of the Coronavirus disease (COVID-19) pandemic.

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