Nigeria's FCMB issues profit warning, shares fall 5pct

Thu Mar 15, 2012 2:02pm GMT
 

LAGOS, March 15 (Reuters) - Nigeria's First City Monument Bank (FCMB) warned on Thursday that it expected to report a net loss for last year of up to 9 billion naira ($57 million), knocking its share price.

"We will be posting a loss for the full year 2011, arisen mainly from some investment and underwriting of several share issues dated back to 2009 and some non-performing loans sold to AMCON (Assets Management Company of Nigeria)," Chief Executive Ladi Balogun told reporters.

Shares in FCMB were down 5 percent by 1331 GMT at 3.80 naira. ($1=157.6000 Nigerian nairas) (Reporting by Oludare Mayowa; Editing by Greg Mahlich)

 
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