First City Monument has announced plans to grow its balance sheet to N600 billion by the end of its 2008 financial year.

Speaking in Lagos during the presentation of its facts behind the figures, the Managing Director of the company, Mr. Ladi Balogun disclosed that the growth in its balance sheet size would arise from the numerous investment strategy put in place by it in the financial year.

He said, “The bank will remain focused on three key areas that present enormous value opportunities, as they provide high margin, while delivering high returns. These include investment banking, involving brokerage and asset management; consumer banking consumer lending and world management solutions to individual; transaction banking- cash management and trade finance.”

He expressed confidence that when these opportunities are tapped and harnessed, it is expected that its return on equity would be high, translating to improved earnings per share and high return on assets and better cost to income ratio. These areas, he continued, would enable it occupy a leadership position in the industry.

According to him the bank’s two strong industry focus of investments transaction as well as  consumer banking would be leveraged upon to drive the banks balance sheet income  to the projected N600 billion at end of the current financial year.

He also said that the bank is proactively focused towards assuming the number one consumer banking institution with its vintage 140 branch network strategically spread across the nation landscape, stating that profit before tax of the bank is projected to hit N20 billion while profit after tax is to rise to N15 billion.

He expressed it’s committed to growing the real sector of the economy financing high profile projects and infrastructural development programmes.

“There are many companies we have invested in that within the next three to five years would become major companies in the economy. The economy would not grow without infrastructure. However, there is need for the regulatory environment  to be refined. We are involved in $12 billion infrastructure projects, some of them involve road, power, housing among others, but they have long gestation period,” he noted.

“We are forecasting a growth in gross earnings of 207 per cent, to N35bn in nine months and a profit before tax growth of 154 per cent, to N11.2bn. Also we are targeting a profit after tax of N15bn in nine months. The performance of the bank is partially being driven by the influx of over N94bn realised from the public offer."