FIRST City Monumental Bank Plc (FCMB), has recorded a 80.89 per cent drop in its profit in the first half of this year, posting three billion naira.
The bank, in its H1:2017 financial statements released to the Nigerian Stock Exchange (NSE), recorded a profit of N3 billion in the period under review compared with N15.7 billion achieved in the first half of last year.
The bank 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.