Shareholders of FCMB Group Plc have commended the Board, Management and Staff of the financial institution for recording another impressive performance in 2018 in spite the challenging macroeconomic and regulatory environment. The commendation was given at the 6th Annual General Meeting (AGM) of the Group held on April 26, 2019 in Lagos.
At the meeting, the shareholders approved the financial results of FCMB Group and payment of a cash dividend of 14kobo per ordinary share for the year ended December 31, 2018. This translates to a total amount of N2.77 billion.
Going by its audited accounts for last year, FCMB Group’s profit before tax (PBT) rose by 73% to N18.4 billion as against N11.5 billion in the preceding year. Gross revenue grew to N177.4 billion, an increase of 4.3% compared to the N169.9 billion for the same period in 2017. Net interest income as at the end of 2018 rose by 3% Year-on-Year (YoY) to N72.6 billion. In demonstration of the enhanced confidence of customers in FCMB, deposits also increased by 19% YoY to N821.7 billion while loans and advances stood at N633 billion. Total assets went up by 21% YoY to N1.43 trillion, just as capital adequacy ratio was 15.9%.
Commenting on the development and the financial results of the Group, the Chairman of Trusted Shareholders Association of Nigeria, Alhaji Mukhtar Mukhtar, expressed delight on the increased dividend payment. According to him, ‘’This is an excellent result achieved by FCMB Group in a period of low economic activities in the country. I am highly impressed with the Group’s balance sheet quality which witnessed a high growth. This shows vigorous policies that have positively impacted on and optimised the balance sheet. Another significant aspect of the performance of FCMB is the growing contributions of the subsidiaries in the profit margin. The 14kobo dividend declaration signals FCMB’s commitment to improving the lots of shareholders’’.