By Ikechukwu Emelike

First City Monument Bank plc (FCMB) has released its result for the half year ended October 31, 2007. The result seems very good as the bank recorded remarkable growth in its financial performance.

According to the banks unaudited financial statement just made public, gross earnings for the period stood at N21.89 billion in 2007 as against N10.88 billion recorded in the same period for 2006, indicating a growth of 101% during the half year period.

Profit before tax moved up to N6.76 billion in 2007 from N2.82 billion achieved in the same period in 2006, while profit after tax stood at N5.343 billion as against N2.23 billion recorded in the preceding year.

Still on results released, Sovereign Trust Insurance plc has also released its operating result for the third quarter ended 30^th September, 2007. In the result gross premium stood at N2.040 billion in 2007 as against N1.198 billion recorded in the same period for 2006 indicating a percentage change of 70%.

 Profit before tax rose to N380.68 million as against N207.02 million in 2006 indicating a percentage change of 84%. Profit after tax stood at N333.1 million in 2006 as against N175.97 million recorded in the preceding year.

Now that the funds from the recapitalisation exercise is being released to insurance firms, it is expected that the earnings of the company would improve significantly. 

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This entry was posted on Tuesday, December 18th, 2007 at 10:58 am and is filed under Stock Market News. You can follow any responses to this entry through the RSS 2.0 feed. Tags: First City Monument bank, Sovereign Trust Insurance
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