FCMB

Nigerian stocks continue to see an uptrend never before seen in the history of the market, mirrored by the main equity index crossing a new high last Wednesday, as local funds continue to drive gains in the absence of foreign inflow. Shares have returned an incredible 37 per cent in less than a month since the turn of the year. That said, it seems the run of big gains is not over yet. The earnings season is right here and companies have started turning in their financials fast and furious. Financial results are…

Nigerian stocks are getting off to a great start, having returned about 11.1 per cent in just weeks in continuation of the momentum that helped them yield about 46 per cent last year. Negative real yields on Nigerian bonds and treasury bills have made it impossible for them to beat the country’s sticky inflation. That is forcing pension funds and institutional investors to divest investment in fixed-income securities and plough the proceeds into stocks, which are currently experiencing a big boom, helping to…

The founder of First City Monument Bank (FCMB), Subomi Balogun, is dead. Confirming the incident, Ogun State Governor Dapo Abiodun and former governor Gbenga Daniel, expressed their sadness over the passing of the business mogul. The duo said they received with shock, the passing unto eternal glory of the ‘Olori Omoba’ and Otunba Tunwase of Ijebuland. Mr Abiodun, in a statement by his Chief Press Secretary, Kunle Somorin, described the death of Mr Balogun as a colossal loss, not only to Ogun State, but to Nigeria…

FCMBFCMB Group Plc has announced its financial results for the first quarter of 2023, demonstrating the continued success of its digital banking initiatives across various business segments. Digital banking initiatives have gained significant traction within FCMB Group, contributing to its overall performance. In the first quarter, digital revenues accounted for 12.0% of gross earnings, equivalent to N10.0 billion. This substantial growth highlights the Group’s commitment to leveraging digital solutions to…

Last week, Nigerian stocks shed 0.5 per cent as sell pressure depressed the valuation of a couple of stocks. However, a range of fundamentally sound stocks with low pricings abound still in the market, which individual investors and portfolio managers could be looking to leverage this week. As the first quarter earnings season advances, more companies’ financial reports are expected, which could also determine the direction of trade this week. PREMIUM TIMES has assembled a number of stocks with fundamentals and…

FCMB Group Plc (“FCMB Group” or “the Group”) has successfully completed the issuance of a N20,686,000,000 Perpetual 16% Fixed Rate Resettable NC5.25 Additional Tier I Capital Subordinated Bonds (“the Series I Bond” or “the AT1” or “the Instrument”) under its N300,000,000,000 Debt Issuance Programme. The Group’s AT1 Issuance is the first non-sharia local currency AT1 instrument issued in Nigeria and the Group’s maiden issuance of its N300 billion funding programme in the Nigerian Capital Markets to support its…

FCMB Group saw a two-third boost in net profit in the year to September compared to the same period of last year, its financials showed on Tuesday, as earnings for the accounting period hit N22.9 billion for the first time since becoming a holding company in 2013. At N200.1 billion, revenue stood 33 per cent higher relative to a year earlier, with reasonable expansion in interest & discount income as well as fees & commission stoking growth. FCMB Group’s share price At N200.1 billion, revenue stood 33…

It is quite evident that Nigerian banks are in war mode as the battle for digital supremacy switches from modest fisticuffs to a full-blown slugfest. The struggle for service space dominance rather than the power of physical place captures the essence of fintech entrepreneur Brett King’s recent observation that “banking is what you do and not where you go.” The determination of the various local Nigerian banks to upstage one another in using mobile digital platforms to squeeze larger…

First City Monument Bank (FCMB), a member of FCMB Group Plc, has partnered with the Mastercard Foundation to provide subsidized loans to 100,000 Micro, Small, and Medium Enterprises (MSMEs), to scale their operations to create work opportunities for young Nigerian women and men. The programme, which is part of the Mastercard Foundation’s Young Africa Works strategy in Nigeria, aims to sustainably move Nigerian youth out of poverty. It is being executed through a novel $27.8 million (about…