• About Us
  • Terms & Conditions
  • Contact Us
Thursday, March 30, 2023
Investogist
No Result
View All Result
  • Home
  • News
    • All
    • Africa
    • Nigeria
    • World
    BREAKING: DSS confirms plot to install Interim Govt in Nigeria

    BREAKING: DSS confirms plot to install Interim Govt in Nigeria

    Security features of the new naira notes revealed by the CBN

    JUST IN: NLC, TUC suspend planned nationwide strike

    2023: Labour Party eyes N80,000-N100,000 minimum wage

    Labour Party reviews nomination fee for governorship

    Gunmen kill driver, abduct passengers in Rivers State

    Voters were whipped, issued death threats, forced to Vote PDP in Rivers – Cole

    Fire guts parts of Balogun Market in Lagos

    Fire guts parts of Balogun Market in Lagos

    Those calling for my resignation are children – Ayu blasts Wike

    BREAKING: PDP chairman Iyorchia Ayu steps down

    Peter Obi’s full statement on Queen’s College Lagos 95th anniversary

    We thought Obidient movement, Peter Obi was a joke – PDP Chieftain Labaran Maku

    FG agrees to pay $496 million as settlement claim for Ajaokuta Steel, others

    Court blocks Oyo Govt’s accounts in four banks over ‘N3.4bn Debt’

    Those calling for my resignation are children – Ayu blasts Wike

    Court restrains Iyorchia Ayu from parading himself as PDP chairman

    • Nigeria
    • Africa
    • World
  • Economy
    • All
    • Budgets
    • Economic Data
    • Policies
    Update: Central Bank of Nigeria instructs banks to close accounts related to Crypto

    CBN raises interest rate for the 6th consecutive time

    Russia Economy contracts by 2.1% in 2022, far below western predictions

    Russia Economy contracts by 2.1% in 2022, far below western predictions

    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    FG explains why Nigeria’s total debt will rise to N77 trillion by the end of May 2023

    U.S unemployment fell to a five-decade low

    U.S unemployment fell to a five-decade low

    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    Nigeria’s total debt rise above N44 trillion – DMO

    FG approves 39 licences for fish importation

    Q3 2022: Nigeria’s total trade stood at N11.6 trn, total export falls nearly 20% QoQ

    Update: Central Bank of Nigeria instructs banks to close accounts related to Crypto

    JUST IN: CBN limits weekly cash withdrawal to N100k

    Law to legalize crypto as a payment method passed in Brazil

    Law to legalize crypto as a payment method passed in Brazil

    Will Nigerians in diaspora be committing an offence if they make a campaign donation?

    Rivers and Oyo State to join others in establishing small claims courts

    • Policies
    • Budgets
    • Economic Data
  • Markets
    • All
    • Commodities
    • Cryptocurrencies
    • Forex
    • Rates & Bonds
    • Stocks/Equities
    Lasaco Assurance Plc suffers maximum possible loss on NSE as suspension is lifted

    The NGX- ASI declined by 1.16% as Dangote Cement falls 4.17%

    List of Stockbrokers in Nigeria

    List of Stockbrokers in Nigeria

    MTN Nigeria to pay over N200 billion final dividend for 2022

    Custodian Investments Plc announces 55 kobo final dividend for 2022 FY

    Lasaco Assurance Plc suffers maximum possible loss on NSE as suspension is lifted

    The NGX-ASI lost by 0.09%, as STANBIC loses 8.52%

    Lasaco Assurance Plc suffers maximum possible loss on NSE as suspension is lifted

    The NGX-ASI Lost By 1.04%, as banking sector drops 1%

    Lasaco Assurance Plc suffers maximum possible loss on NSE as suspension is lifted

    The Local Bourse declined by 0.42%, as FLOURMILL loses 5.92%

    Again DMO offers N360 billion FGN bond for February

    The DMO auctions 4 FGN Bonds worth N360bn in March

    Guaranty Trust Holding Company profit dips to N77.56 billion in H1 2022

    The NGX-ASI Declined by 0.12%, as GTCO loses 3.08%

    Why Bitcoin fell below $20,000 for the first time in nearly 2 months

    Bitcoin rises over 18% as cryptos surge in renewed hope

    • Stocks/Equities
    • Forex
    • Rates & Bonds
    • Commodities
    • Cryptocurrencies
  • Business
    • All
    • Agriculture
    • Companies
    • Industry
    • Technology
    FY 2020: Zenith Bank Plc rakes in N230.6 billion profit after tax

    Zenith Bank Plc reports N223.91 billion profit after tax for 2022 FY

    FY 2020: Zenith Bank Plc rakes in N230.6 billion profit after tax

    Zenith Bank Plc announces N91 billion final dividend for 2022 FY

    Board of Fidson Healthcare Plc approve 55 kobo Dividend

    Board of Fidson Healthcare Plc approve 55 kobo Dividend

    N1.17 dividend approved by Beta Glass Plc Board of Directors for 2022 FY

    N1.17 dividend approved by Beta Glass Plc Board of Directors for 2022 FY

    May & Baker Nigeria Plc announces 30 kobo dividend for 2022 FY

    May & Baker Nigeria Plc announces 30 kobo dividend for 2022 FY

    FG agrees to pay $496 million as settlement claim for Ajaokuta Steel, others

    Seplat Energy Plc takes legal action against Orjiako

    Credit Suisse shares plunged on Monday after acquisition by rival UBS

    Credit Suisse shares plunged on Monday after acquisition by rival UBS

    Approval given for acquisition of International Energy Insurance Plc

    UBS agrees to buy troubled 167 years old rival, Credit Suisse

    Unilever Nigeria Plc Board of Directors approve Tea Business Separation Process

    Unilever Nigeria makes changes to its business model

    • Companies
    • Industry
    • Technology
  • Sports
    • Football
  • Opinion & Analysis
    • All
    • Columnists
    • Editorials
    • Investogist Business Saturday
    • Op-ed
    LP won Obio-Akpor LGA Rivers State not APC as announced – INEC’s IReV

    APC won Abua-Odual and Ahoada East LGAs of Rivers State as announced – INEC’s IRev

    LP won Obio-Akpor LGA Rivers State not APC as announced – INEC’s IReV

    LP won Obio-Akpor LGA Rivers State not APC as announced – INEC’s IReV

    North-West, South-West lead as INEC registers 96.2 million, Rivers overtakes Katsina

    ELECTION: How to check your polling unit, code online

    4 things to consider before buying a laptop

    4 things to consider before buying a laptop

    How to move to Canada by starting a business – Part 1

    How to move to Canada by starting a business – Part 2

    How to move to Canada by starting a business – Part 1

    How to move to Canada by starting a business – Part 1

    Building a Successful Business Organization: Lessons from the Bible

    Building a Successful Business Organization: Lessons from the Bible

    2023 Bible Lessons on Setting your Financial/Investment Goals

    2023 Bible Lessons on Setting your Financial/Investment Goals

    Fact check: Is the Investment Peter Obi made for Anambra State worth next to nothing?

    Fact check: Is the Investment Peter Obi made for Anambra State worth next to nothing?

    • Editorials
    • Book Club
    • Investogist Business Saturday
    • Op-ed
  • Financial Education
  • Vacancies
  • Home
  • News
    • All
    • Africa
    • Nigeria
    • World
    BREAKING: DSS confirms plot to install Interim Govt in Nigeria

    BREAKING: DSS confirms plot to install Interim Govt in Nigeria

    Security features of the new naira notes revealed by the CBN

    JUST IN: NLC, TUC suspend planned nationwide strike

    2023: Labour Party eyes N80,000-N100,000 minimum wage

    Labour Party reviews nomination fee for governorship

    Gunmen kill driver, abduct passengers in Rivers State

    Voters were whipped, issued death threats, forced to Vote PDP in Rivers – Cole

    Fire guts parts of Balogun Market in Lagos

    Fire guts parts of Balogun Market in Lagos

    Those calling for my resignation are children – Ayu blasts Wike

    BREAKING: PDP chairman Iyorchia Ayu steps down

    Peter Obi’s full statement on Queen’s College Lagos 95th anniversary

    We thought Obidient movement, Peter Obi was a joke – PDP Chieftain Labaran Maku

    FG agrees to pay $496 million as settlement claim for Ajaokuta Steel, others

    Court blocks Oyo Govt’s accounts in four banks over ‘N3.4bn Debt’

    Those calling for my resignation are children – Ayu blasts Wike

    Court restrains Iyorchia Ayu from parading himself as PDP chairman

    • Nigeria
    • Africa
    • World
  • Economy
    • All
    • Budgets
    • Economic Data
    • Policies
    Update: Central Bank of Nigeria instructs banks to close accounts related to Crypto

    CBN raises interest rate for the 6th consecutive time

    Russia Economy contracts by 2.1% in 2022, far below western predictions

    Russia Economy contracts by 2.1% in 2022, far below western predictions

    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    FG explains why Nigeria’s total debt will rise to N77 trillion by the end of May 2023

    U.S unemployment fell to a five-decade low

    U.S unemployment fell to a five-decade low

    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    Nigeria’s total debt rise above N44 trillion – DMO

    FG approves 39 licences for fish importation

    Q3 2022: Nigeria’s total trade stood at N11.6 trn, total export falls nearly 20% QoQ

    Update: Central Bank of Nigeria instructs banks to close accounts related to Crypto

    JUST IN: CBN limits weekly cash withdrawal to N100k

    Law to legalize crypto as a payment method passed in Brazil

    Law to legalize crypto as a payment method passed in Brazil

    Will Nigerians in diaspora be committing an offence if they make a campaign donation?

    Rivers and Oyo State to join others in establishing small claims courts

    • Policies
    • Budgets
    • Economic Data
  • Markets
    • All
    • Commodities
    • Cryptocurrencies
    • Forex
    • Rates & Bonds
    • Stocks/Equities
    Lasaco Assurance Plc suffers maximum possible loss on NSE as suspension is lifted

    The NGX- ASI declined by 1.16% as Dangote Cement falls 4.17%

    List of Stockbrokers in Nigeria

    List of Stockbrokers in Nigeria

    MTN Nigeria to pay over N200 billion final dividend for 2022

    Custodian Investments Plc announces 55 kobo final dividend for 2022 FY

    Lasaco Assurance Plc suffers maximum possible loss on NSE as suspension is lifted

    The NGX-ASI lost by 0.09%, as STANBIC loses 8.52%

    Lasaco Assurance Plc suffers maximum possible loss on NSE as suspension is lifted

    The NGX-ASI Lost By 1.04%, as banking sector drops 1%

    Lasaco Assurance Plc suffers maximum possible loss on NSE as suspension is lifted

    The Local Bourse declined by 0.42%, as FLOURMILL loses 5.92%

    Again DMO offers N360 billion FGN bond for February

    The DMO auctions 4 FGN Bonds worth N360bn in March

    Guaranty Trust Holding Company profit dips to N77.56 billion in H1 2022

    The NGX-ASI Declined by 0.12%, as GTCO loses 3.08%

    Why Bitcoin fell below $20,000 for the first time in nearly 2 months

    Bitcoin rises over 18% as cryptos surge in renewed hope

    • Stocks/Equities
    • Forex
    • Rates & Bonds
    • Commodities
    • Cryptocurrencies
  • Business
    • All
    • Agriculture
    • Companies
    • Industry
    • Technology
    FY 2020: Zenith Bank Plc rakes in N230.6 billion profit after tax

    Zenith Bank Plc reports N223.91 billion profit after tax for 2022 FY

    FY 2020: Zenith Bank Plc rakes in N230.6 billion profit after tax

    Zenith Bank Plc announces N91 billion final dividend for 2022 FY

    Board of Fidson Healthcare Plc approve 55 kobo Dividend

    Board of Fidson Healthcare Plc approve 55 kobo Dividend

    N1.17 dividend approved by Beta Glass Plc Board of Directors for 2022 FY

    N1.17 dividend approved by Beta Glass Plc Board of Directors for 2022 FY

    May & Baker Nigeria Plc announces 30 kobo dividend for 2022 FY

    May & Baker Nigeria Plc announces 30 kobo dividend for 2022 FY

    FG agrees to pay $496 million as settlement claim for Ajaokuta Steel, others

    Seplat Energy Plc takes legal action against Orjiako

    Credit Suisse shares plunged on Monday after acquisition by rival UBS

    Credit Suisse shares plunged on Monday after acquisition by rival UBS

    Approval given for acquisition of International Energy Insurance Plc

    UBS agrees to buy troubled 167 years old rival, Credit Suisse

    Unilever Nigeria Plc Board of Directors approve Tea Business Separation Process

    Unilever Nigeria makes changes to its business model

    • Companies
    • Industry
    • Technology
  • Sports
    • Football
  • Opinion & Analysis
    • All
    • Columnists
    • Editorials
    • Investogist Business Saturday
    • Op-ed
    LP won Obio-Akpor LGA Rivers State not APC as announced – INEC’s IReV

    APC won Abua-Odual and Ahoada East LGAs of Rivers State as announced – INEC’s IRev

    LP won Obio-Akpor LGA Rivers State not APC as announced – INEC’s IReV

    LP won Obio-Akpor LGA Rivers State not APC as announced – INEC’s IReV

    North-West, South-West lead as INEC registers 96.2 million, Rivers overtakes Katsina

    ELECTION: How to check your polling unit, code online

    4 things to consider before buying a laptop

    4 things to consider before buying a laptop

    How to move to Canada by starting a business – Part 1

    How to move to Canada by starting a business – Part 2

    How to move to Canada by starting a business – Part 1

    How to move to Canada by starting a business – Part 1

    Building a Successful Business Organization: Lessons from the Bible

    Building a Successful Business Organization: Lessons from the Bible

    2023 Bible Lessons on Setting your Financial/Investment Goals

    2023 Bible Lessons on Setting your Financial/Investment Goals

    Fact check: Is the Investment Peter Obi made for Anambra State worth next to nothing?

    Fact check: Is the Investment Peter Obi made for Anambra State worth next to nothing?

    • Editorials
    • Book Club
    • Investogist Business Saturday
    • Op-ed
  • Financial Education
  • Vacancies
No Result
View All Result
Investogist
No Result
View All Result
Home Business

FCMB Moves to Mitigate Impact of COVID-19: To Restructure 50% of Loan Portfolio

Foreign Currency Loans being Converted to Naira

Wednesday, 6 May 2020, 6:07 pm
in Business, Companies
0
FCMB Moves to Mitigate Impact of COVID-19: To Restructure 50% of Loan Portfolio
Share Share Share Share Send as Email

FCMB Group (NSE Ticker: FCMB), in a presentation to Investors on Tuesday, announced plans to restructure 50% of its loans as part of action plans and mitigating strategies to address the impact of the coronavirus pandemic and the crash in crude oil price.

“The portfolio which will be restructured includes the 7% representing intervention fund exposures while others are mainly exposures to Oil & Gas, Power, SME and Consumer”.

The presentation document seen and reviewed by Investogist shows that the loan contribution by these sectors are as follows;

  • Oil & Gas Sector: N240.226 billion (29.8%)
  • Power & Energy: N52.240 billion (6.5%)
  • SME & Consumer: N119.953 billion (14.8%)

The restructure terms will constitute on the average 6-12 months moratorium on Principal repayments and 1-2 year tenure extension.

  • Read also: Current Structure and Challenges of the Nigerian Agricultural Industry
  • The New Normal: Post Pandemic Implications on the Nigerian Economy

The bank also presented that the 37% of the foreign currency loan book has receivables in naira, and hence remained exposed to foreign exchange risk.

As a mitigating strategy for this risk, the bank has started the conversion of these foreign currency loans to naira, and the exercise is expected to make significant progress before year end.

The bank is setting aside additional collective impairment to offset losses in its unhedged Oil and Gas Upstream portfolio. 30% of the portfolio remains unhedged at the time of the presentation.

Impairment charges in the first quarter 2020 financial report surged 61% to N3.7 billion, and its loans in the same period rose 7% to N764.3 billion from the same period last year.

  • Read more: FG to Move Oil Benchmark to $20 per Barrel, Differ Debt servicing to 2021+: Finance Minister
  • No Bank in Nigeria shall Sack any Staff says CBN, Bankers’ Committee

FCMB Group had in Q1 2020, reported a N49.195 billion Revenue, a 12.1% growth YoY, and 26.5% growth in Profit Before Tax to N5.434 billion (1Q2019: N 4.296 billion), with Profit After Tax growing by 30.5% YoY to N4.722 billion (1Q2019: N3.618 billion).

FCMB Group’s Commercial & Retail Banking which includes FCMB Bank Ltd contributed 106.4% (N5.781 billion) of the Group’s Profit Before Tax in the first quarter, while the Corporate  Investment Banking which include the Corporate Banking Division of the Bank, CSL Stockbrokers and FCMB Capital Markets Ltd contributed -19.2% (-N1.044 billion).

The bank’s overall Non Performing Loans for the period ended 31st March 2020, stood at 3.5%, below the regulatory requirement of 5.0%.

The drop in crude oil prices have been a blow to the Nigeria Economy, and the outbreak of the Coronavirus had seen businesses closed and movement of people restricted to contain the spread of the disease.

The Central Bank of Nigeria in March, technically devalued the value of the naira against the dollar and are under pressure to weaken the naira even further amid a shortage of foreign currency and lower export revenues.

Written by:

Basil Maduakor

Related Posts:

  • COVID-19 Impact: 33.3 Million Americans now Unemployed
    COVID-19 Impact: 33.3 Million Americans now Unemployed
  • Economic Impact of Covid-19 in Nigeria and How IMF fund will be used - Amine Mati
    Economic Impact of Covid-19 in Nigeria and How IMF fund will…
  • Covid-19 - 32 African Countries get over $19 billion Loan from IMF
    Covid-19 - 32 African Countries get over $19 billion Loan…
  • Sterling Bank Plc to restructure as a Holding Company
    Sterling Bank Plc to restructure as a Holding Company
Previous Post

Current Structure and Challenges of the Nigerian Agricultural Industry

Next Post

The Ban on Flights to Nigeria Extended by Four weeks with effect from Thursday

Next Post
The Ban on Flights to Nigeria Extended by Four weeks with effect from Thursday

The Ban on Flights to Nigeria Extended by Four weeks with effect from Thursday

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Plugin Install : Widget Tab Post needs JNews - View Counter to be installed
  • Trending
  • Comments
  • Latest
MTN Nigeria to pay over N200 billion final dividend for 2022

List of Dividends announced in 2023, qualification and payment dates

Zenith Bank’s Board of Directors approve payment of final dividend for 2022

Zenith Bank’s Board of Directors approve payment of final dividend for 2022

BREAKING: DSS confirms plot to install Interim Govt in Nigeria

BREAKING: DSS confirms plot to install Interim Govt in Nigeria

FY 2020: Zenith Bank Plc rakes in N230.6 billion profit after tax

Zenith Bank Plc announces N91 billion final dividend for 2022 FY

BREAKING: DSS confirms plot to install Interim Govt in Nigeria

BREAKING: DSS confirms plot to install Interim Govt in Nigeria

Call for Applications – 2021/2022 ESD Scholarship

Scholarship for Master’s degree in Luxemburg opens for applications from Nigeria

FY 2020: Zenith Bank Plc rakes in N230.6 billion profit after tax

Zenith Bank Plc reports N223.91 billion profit after tax for 2022 FY

FY 2020: Zenith Bank Plc rakes in N230.6 billion profit after tax

Zenith Bank Plc announces N91 billion final dividend for 2022 FY

Investogist
info@investogist.com

Follow us

Categories

  • Africa
  • Agriculture
  • Arts & Culture
  • Budgets
  • Business
  • Columnists
  • Commodities
  • Companies
  • Cryptocurrencies
  • Economic Data
  • Economy
  • Editorials
  • Financial Education
  • Football
  • Forex
  • Industry
  • Investogist Business Saturday
  • Job Opportunities
  • Markets
  • Nature
  • News
  • Nigeria
  • Op-ed
  • Opinion & Analysis
  • Places & People
  • Policies
  • Rates & Bonds
  • Sports
  • Stocks/Equities
  • Technology
  • Travel & Tours
  • Vacancies
  • World

Quick Links

  • News
  • Economy
  • Markets
  • Business
  • Opinion & Analysis
  • Travel & Tours

Newsletter

Copyright © 2023 investogist.com, All Rights Reserved

  • About Us
  • Terms & Conditions
  • Privacy Policy
  • Contact Us
No Result
View All Result
  • Home
  • News
    • Nigeria
    • Africa
    • World
  • Economy
    • Policies
    • Budgets
    • Economic Data
  • Markets
    • Stocks/Equities
    • Forex
    • Rates & Bonds
    • Commodities
    • Cryptocurrencies
  • Business
    • Companies
    • Industry
    • Technology
  • Sports
    • Football
  • Opinion & Analysis
    • Editorials
    • Book Club
    • Investogist Business Saturday
    • Op-ed
  • Financial Education
  • Vacancies

Copyright © 2023 investogist.com, All Rights Reserved

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist