Nigeria’s FCMB eyes debt sale to boost capital

LAGOS, April 2 (Reuters) – Nigerian banking group FCMB plans to raise tier II debt and retain profits this year to boost its balance sheet after the adoption of stricter accounting standards impacted its capital ratios, it said on Tuesday.

The banking group said the capital adequacy ratio for the mid-tier lender FCMB Bank, stood at 15.9 percent in 2018, down from 16.9 percent a year earlier. It added that it expected its capital to grow throughout 2019.

FCMB was targeting a 5-10 percent loan growth in 2019. (Reporting by Chijioke Ohuocha; editing by David Evans)


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