FCMB suspends planned issuance of N30bn commercial paper

FCMB Group Plc (FCMB) yesterday notified the Nigerian Stock Exchange (NSE) and its shareholders that the proposed Commercial Paper Issuance (CP) by one of its subsidiaries, First City Monument Bank Limited, had been suspended.

The statement signed by the Company Secretary, Mrs. Olufunmilayo Adedibu, said the suspension was as a result of the Nigerian Treasury Bills auction of Wednesday, December 92020, which distorted price discovery.

First City Monument Bank recently announced the issuance of a commer

cial paper worth N30 billion, as part of its efforts to generate additional source of short-term funds for the bank.

The disclosure was signed by Adedibu and sent to the Nigerian Stock Exchange.
The Commercial Paper (CP) has a tenor of 260 days and is part of a larger effort by the bank to raise a total of N100 billion through its CP issuance programme.
FCMB had earlier in March 2020 issued a N20 billion worth of commercial paper as reported. In lieu of this, the latest notice raises the total sum of Commercial Paper issuance by the bank to N50 billion, out of its benchmark target of N100 billion.

FCMB’s Q3 PBT was up 20 per cent y/y to N4.8 billion. The earnings growth was driven by pre-provision profit growth of nine per cent y/y and a seven per cent y/y reduction in opex. These positives overshadowed a 138 per cent y/y increase in impairments for credit losses according to analysts at FBNQuest.

In terms of revenue, funding income grew 30 per cent, thanks to the low interest rate environment, which drove a reduction in funding cost, and a y/y expansion in earning on risk assets. In contrast, non-interest income declined by 22 per cent y/y because of a 58 per cent y/y reduction in other income. PAT came in at N361 million (-N1.0bn in Q3’19).




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