First City Monument Bank, FCMB Plc, has posted a sharp decline in its profit in the first half of 2017.
The second tier lender in Nigeria, in its financial statements released to the Nigerian Stock Exchange (NSE) on Friday, the financial institution recorded a decline in its revenue by a whopping 70 percent, declaring N5.7 billion as total revenue as at June 30, 2017, compared with 18.9 billion declared in the corresponding period of 2016.
Also, its gross earnings suffered a loss during the period, crashing to N77.5 billion from N88.3 billion a year ago.
Furthermore, the profit before minimum and income taxes slumped to N3.8 billion from N16.3 billion 12 months ago.
In addition, the bank recorded a profit of N3 billion in the period under review compared with N15.7 billion achieved in the first half of last year.