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FCMB Plc releases its financials for the year ended April 2009 and two subsequent quarters up to October 31st 2009. The bank declared profit before tax of N4.8 billion for FYE April 2009 and a year to date loss of N479 million for six months ended October 2009.

The audited result for the financial year ended April 30, 2009 recorded a 36% growth in gross earnings at N71.66 billion. However, profit before tax fell by 77% to N4.77 billion compared with N20.52 billion achieved in the preceding year.

The major contributing factor to this was the significant loan loss provision of N21.9 billion. This amount was a result of the N7.9 billion provisions as determined by the bank and additional provisions of N14 billion representing 58% of the amount advised by the CBN stress test on the bank’s loan portfolio as at June 30th 2009. Total provisions from the CBN exercise was N24 billion. The balance of N10 billion was recognized in Q1 (end July 2009) of the current financial year.

In that financial year, total assets grew by 10% from N467.34 billion to N515.60 billion. Deposits grew by 28% in the year from N251.22 billion to N321.22 billion. Loans grew by 45% from N189 billion to N273 billion. Nonperforming loans rose to 10% of total loans as a result of the stress test.

The bank also simultaneously released Q1 (31st July 2009) and Q2 (30th October 2009) results. The latter showed that whilst the balances of the provisions of N10 billion were made in July 2009, recoveries of provisions totaling N5.2 billion have been made between September 1st and October 30th. Year to date loss was N479 million, which suggests barring any unforeseen circumstances the eight months period ending December 31st 2009 should close on a positive note. Management also expects that further recoveries will be recorded in the remaining months of the year.

For the six months period, gross earnings were down by 13%, while operating income was down 28% from the same period of year. This is largely attributable to the slowdown and suspension of interest income on non performing loans. Nonetheless, capital adequacy remains extremely buoyant at 31%. With the special audit and provisioned accounts which is expected to yield further positive results and resume profitable volume growth in 2010.

Appropriation of profit for the financial year ended April 2009. Whether to cash dividend, bonus or transfer to reserves will be communicated as soon as the CBN approval is received on this item. Also, the management will be conducting an investor conference call this week to discuss the results.

About First City Monument Bank Group Plc                                                                      
A universal banking institution with an exceptional management team, complemented by a talented workforce, FCMB is headquartered in Lagos, Nigeria.

Having become a public limited company in 2004, FCMB has its shares listed on the Nigerian Stock Exchange (NSE) and is strategically focused on transaction banking, retail banking and investment banking. Accounting for over 5% of total assets in the banking industry, FCMB benefits from a nationwide branch network and an array of unique financial products and services and a strong brand. Product and service offerings are focused on three main areas (Investment Banking, Retail Banking and Transaction Banking) and include core lending, advisory & corporate finance, treasury and financial markets. Key customer segments comprise Corporate, Public Sector, Small & Medium Scale Enterprise and Individuals.

FCMB is the flagship company of the First City Group, one of Nigeria’s leading comprehensive financial services providers. Other members of the group are FCMB Capital Markets - which integrates key skills relating to investment banking and capital markets disciplines, Credit Direct Ltd. (CDL) - a micro-lending business and City Securities – a securities and investment services firm comprising City Securities Limited Registrars (CSLR), a share registration agent; City Securities Limited Stockbrokers (CSLS) – a stock-broking firm and First City Asset Management (FCAM) - an asset/ fund management firm offering investment advisory, administration and trusteeship services. All businesses are pioneer market leaders in their respective fields.

From its early origins in investment banking, FCMB has emerged as one of the leading and most respected financial services institutions in Nigeria, providing superior financial services to a broad clientele.

The Bank’s success has been recognised by many industry awards over the years, both nationally and internationally. Most recently it won the Euromoney 2008 award for the Best Equity House in Nigeria and the 2007 award for Best Investment Bank.

More information can be found at www.firstcitygroup.com

17A, Tinubu Street
Marina
Lagos                                  
Nigeria
+234  1 279 3030

FOR FURTHER INFORMATION:
Investor Relations
institutionalinvestorrelations@firstcitygroup.com