News

First City Monument Bank Plc has announced a profit after tax of N1.9bn in the second half of 2010, indicating an increase of 107 per cent from N903m in the first quarter of 2010.It was recorded on a gross earnings which rose from N14.44bn in the first quarter, to N14.48bn in the review period.When compared to the half year ended June 30, 2009, the bank’s profit after tax fell by N937.36m from N3.71bn in 2009 to N2.78bn in the review period.Other companies which submitted their results to the NSE are Law Union and Rock Insurance Plc and Julius Berger Nigeria Plc.Law Union and Rock Insurance Plc released its audited result for the year ended December 31, 2009, showing a gross premium of N3.53bn, as against N3.71bn in 2008. Profit after tax stood at N294.55m in 2009, compared to loss after tax of N93.04m in 2008.

The company‘s net assets value stood at N4.54bn, compared to N3.65bn in 2008. The board of directors has recommended a dividend of three kobo per share. Julius Berger in its unaudited result for the half year ended June 30, 2010 recorded a turnover of N78.89bn, as against N74.21bn in the comparable period of 2009. Profit after tax stood at N1.68bn in 2010, compared to N1.58bn in 2009, while net asset value stood at N9.4bn, as against N7.72bn in 2009.Meanwhile, Ecobank Transnational Incorporated has notified the Exchange that it had obtained authority from the Banco National de Angola, to operate a representative office in Luanda, Angola.In a statement to the NSE, the focus of the representative office would be to undertake promotional and liason activities, and to explore business opportunities for its numerous clients on behalf of the Ecobank Group.