Nigeria’s First City Sees Loan Growth Rate Doubling to 25%

First City Monument Bank Plc (FCMB), a Nigerian lender, expects the pace of loan growth to accelerate to 25 percent in 2013, more than doubling from last year’s 11 percent increase.

Net income will grow an average of 35 percent per year over the period from 2012 to 2015, the Lagos-based lender said today in an e-mailed statement. Non-interest income from consumer banking will grow more than 50 percent a year, it said.

The stock gained 3.8 percent to 4.75 naira in Lagos trading today, the biggest increase in three weeks. FCMB’s earnings are recovering after the financial crisis in 2009 brought Nigeria’s banking industry to the verge of collapse.

FCMB posted net income of 14.8 billion naira ($91.8 million) for 2012, compared with a loss of 9.7 billion naira in the previous year, according to figures released on April 29. Revenue rose to 116.8 billion naira from 75.7 billion naira.

To contact the reporter on this story: Emele Onu in Lagos at

To contact the editor responsible for this story: Dulue Mbachu at

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