Our Q3’19 Earnings Won’t be Ready Due Date—FCMB

Modupe Gbadeyanka

The board of First City Monument Bank (FCMB) Plc has announced that its financial statements for the nine-month ended September 30, 2019 would not be filed at the due date.

Companies listed on the Nigerian Stock Exchange (NSE) are expected to file their financial results for Q3 2019 on or before October 31, 2019 or be fined by the regulator.

But in a notice to the investing public on Monday, the financial group said there’s no way it would meet up with the deadline for the submission of its earnings this month.

It said this would only be ready for filing to the stock exchange on or before November 29, 2019, explaining that the reason for this delay is due to the commencement of the interim audit of its commercial banking subsidiary, First City Monument Bank Limited.

“FCMB Group Plc wishes to notify the Nigerian Stock Exchange (NSE) and the investing public that it will not file its nine months (Q3 2019) unaudited results for the period ended September 30, 2019 by the due date of October 31, 2019,” the statement said.

“This is due to the commencement of the interim audit of the company’s commercial banking subsidiary, First City Monument Bank Limited for the period ended September 30, 2019,” it explained.

“The consolidated third quarter 2019 results of FCMB Group Plc will be released on the Nigerian Stock Exchange on or before November 29, 2019,” the lender promised.

FCMB is one of the tier-II financial institutions operating in Nigeria doing well at the stock exchange when compared with its pairs.

The company joined the listed on the NSE’s main board under the financial services sector and other financial institution sub sector, closed at the last trading session at N1.60 per share after appreciating  by 2 kobo.

The FCMB Group has Mr Mustapha Damcida as its Chairman, while Mr Ladi Balogun is the Group Chief Executive Officer, with Mrs Olufunmilayo Adedibu as the Company Secretary.