With the completion of the merger scheme, the two banks would fully integrate and begin to operate as a single entity, as well as serviced by a broadened and robust infrastructure.
Meanwhile, First City Monument Bank has announced its unaudited IFRS-compliant group financial results for the nine-months ended September 30, 2012.
According to a press statement from the bank, the unaudited group results for the nine-months showed steady improvement in year-on-year performance of the bank.Specifically, the bank’s profit before tax rose by 23 per cent to N12.1 billion, with annualized Return on Equity (ROE) also rising by 45 percent in September 2012 to 11.0 percent from 7.6 per cent for the corresponding period of 2011. This was enabled by the improved balance sheet leverage.
Commenting on the merger, the Group Managing Director of the bank, Mr. Ladi Balogun said: “With the culmination of the legal and regulatory processes, we are now able to integrate our operations fully and deliver the expected benefits to shareholders and customers. The enlarged single entity is well positioned to compete in the consolidating banking landscape.
“Our customers will experience continued improvements in the customer experience, improved convenience, greater and quicker access to financial support, with simple processes, products and communication. This is, indeed, a pivotal transaction for the Bank and one that will lead to significant and sustained increase in shareholder value.”
Further review of the bank’s performance showed that the group net revenues for the same period went up by 36 per cent (year-on-year) to close at N34.5 billion while net revenue grew by 11 percent (quarter-on-quarter).
