First City Monument Bank recorded growth at the end of first quarter operations with profit after tax growing to N3.618 billion.
The amount represents an increase of N733.0 million or 25.36 per cent compared N2.886 billion achieved in the corresponding period of 2018.
The bank’s profit before tax also rose by N710.0 million or 21.60 per cent to N4.296 billion from N3.286 billion reported in the corresponding period of last year.
A breakdown of the banks three months result showed that gross earnings improved by 4.11 per cent to N N43.903 billion from N42.171 billion in the preceding year.
Interest and discount income went up from N32.649 billion in comparative period to N34.405 billion, while interest expenses surged from N14.888 billion at the end of March 2018 to N15.787 billion bringing the net interest and discount income to 18.817 billion from N17.751 billion reported in the same period of last year.
Fees and Commission income rose from N6.251 billion to N6.750 billion, fees and commission expenses inched up from N1.463 billion to N1.795 billion while net fee and commission income which stood at 4.787 billion claimed to N4.957 billion.
Net impairment loss on financial assets down from N4.853 billion in the preceding year to N2.285 billion at the end of March 2019.
Personnel expenses grew from N5.966 billion to N7.056 billion while general and administrative expenses moved upward to N6.664 billion from N6.369 billion in the corresponding period of last year.
The bank for the year ended December 31, 2018, recorded gross revenue of N177.4 billion, representing an increase of 4.3 per cent, compared to the N169.9 billion posted same period in 2017.
In addition, profit before tax (PBT) rose by 73 per cent to N18.4 billion as against N11.5 billion in the preceding year.
Shareholders at the Annual general meeting approved a dividend payment of 14 kobo per share to shareholders.
