The Nigerian Stock Exchange (NSE) made the audited results of the bank available on the trading floors yesterday showing a profit before tax of N16.25 billion in 2012, compared with a loss of N10.68 billion in 2011.
Despite the improved fortunes, the directors of the company did not recommend any cash dividend payout for the shareholders. Instead, a bonus issue of one new share for every 25 shares already held was recommended.
Apparently discouraged by the recommendation, some investors decided to sell and reap the capital appreciation of about 25 per cent the equity had amassed since the beginning of the year instead of waiting for the bonus issue.
The high supply without enough demand depressed the equity price of FCMB by 8.5 per cent from N4.70 to N4.30 per share.
Meanwhile, an analysis of the 2013 results of the bank showed that it ended the year with profit after tax of N15.12 billion as against a loss of N9.24 billion in 2011. Deposit rose by 57 per cent from N410.68 billion to N646.26 billion, while loans and advances improved by 10 per cent from N323.35 billon to N357.79 billion.
Total assets stood at N908.54 billion, up by 51 per cent from N601.61 billion the previous year. Earnings per share improved from negative 49 kobo to positive 81 kobo.
FCMB also reported its unaudited results for the first quarter (Q1) ended March 31, 2013, showing gross earnings of N31.41 billion, compared with N26.12 billion in 2012. Profit after tax and profit before tax rose marginally from N4.3 billion to N4.8 billion and N4.1 billion to N4.2 billion in 2012 and 2013 respectively.
Meanwhile, trading at the stock market was bearish as the Nigerian Stock Exchange (NSE) All-Share Index depreciated by 0.38 per cent to close at 33,030.83.