{"id":19484,"date":"2017-11-27T12:46:00","date_gmt":"2017-11-27T11:46:00","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=19484"},"modified":"2017-11-27T12:46:00","modified_gmt":"2017-11-27T11:46:00","slug":"dwindling-foreign-exchange-income-affects-fcmb-q3-earnings","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/dwindling-foreign-exchange-income-affects-fcmb-q3-earnings\/","title":{"rendered":"Dwindling Foreign Exchange Income Affects FCMB Q3 Earnings"},"content":{"rendered":"

Earnings performance from FCMB Holding Plc from first quarter of 2017 to third quarter of 2017 has failed to impress shareholders as shown in the company result for the period ended September 30, 2017, which has been attributed to the decline in foreign exchange revaluation for the period under review.<\/p>\n

For instance gross earnings dropped by 15.57 percent to N118.81 billion as against N140.72 billion in third quarter of 2016. Despite the decline in impairment charge for the period, the significant drop in foreign exchange revaluation gain was large enough to dampen the company’s profits as profit before tax dropped significantly by 51.74 percent to N6.84 billion against N14.17 billion in third quarter of 2016.<\/p>\n

Profit after tax dropped by 57.87 percent as the company\u2019s tax rate grew to 20.06 percent against 8.43 percent that was reported in third quarter of 2016.\u00a0Interest income stood at N96.27 billion against N93.23 billion in 2016, representing an increase of 3.26 percent. The company\u2019s Non-Performing Loans (NPL) ratio stood at 4.7 percent while its capital adequacy ratio remains above Central Bank of Nigeria (CBN) requirement at 17.4 percent.<\/p>

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Photo Caption: Ladi Balogun Managing Director of FCMB Holding Plc<\/em><\/strong><\/b><\/p>\n","protected":false},"excerpt":{"rendered":"

Earnings performance from FCMB Holding Plc from first quarter of 2017 to third quarter of 2017 has failed to impress shareholders as shown in the company result for the period ended September 30, 2017, which has been attributed to the decline in foreign exchange revaluation for the period under review. For instance gross earnings dropped …<\/p>\n","protected":false},"author":6,"featured_media":19485,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,17],"tags":[712],"coauthors":[2391],"class_list":["post-19484","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news","tag-fcmb"],"yoast_head":"\nDwindling Foreign Exchange Income Affects FCMB Q3 Earnings - National Wire<\/title>\n<meta name=\"description\" content=\"Earnings performance from FCMB Holding Plc from first quarter of 2017 to third quarter of 2017 has failed to impress shareholders\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/dwindling-foreign-exchange-income-affects-fcmb-q3-earnings\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dwindling Foreign Exchange Income Affects FCMB Q3 Earnings - 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