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Nigeria's FCMB targets 1.10 naira 2012 EPS - CEO
March 20, 2012 / 2:47 PM / 6 years ago

Nigeria's FCMB targets 1.10 naira 2012 EPS - CEO

LAGOS, March 20 (Reuters) - Nigeria’s FCMB said it will target a 14 percent return on equity and an earnings per share of 1.10 Nigerian naira ($0.01) this year, after it acquired rival lender Finbank last year, chief executive Ladi Balogun told an investor conference call on Tuesday.

Ladi said he expected Finbank, which was one of the lenders rescued by central bank in 2009, to become profitable and add more than 10 percent to FCMB’s overall profitability this year.

“Our ROE will get back to the mid-teens this year and our expectation is that EPS will be around 1.10 naira,” he said.

“With a wider retail customer base, with the fact that we will have far greater liquidity, we are confident that this transaction (Finbank acquisition) ... will improve profitability and overall liquidity of the bank.” ($1 = 157.6500 Nigerian nairas) (Reporting by Chijioke Ohuocha; Editing by Tim Cocks)

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