FCMB Shareholders Approve N2.8bn Dividend, Hail Improved Performance

Shareholders of FCMB Group Plc have commended the board, management and staff of the financial institution for recording an impressive performance for the year ended December 31, 2018 in spite of the challenging operating environment.

FCMB Group’s profit before tax (PBT) rose by 73 per cent to N18.4 billion in 2018 to N11.5 billion in 2017. Customer deposits increased by 19 per cent to N821.7 billion, demonstrating customers’ confidence in the bank, while loans and advances stood at N633 billion. Total assets went up by 21 per cent to N1.43 trillion, just as capital adequacy ratio stood at 15.9 per cent. The directors recommended a dividend of N2.77 billion, which is 14 kobo per share.

Speaking at the annual general meeting (AGM) in Lagos, shareholders hailed the performance and approved the dividend.

For instance, the Chairman of Trusted Shareholders Association of Nigeria, Alhaji Mukhtar Mukhtar, expressed delight on the increased dividend payment.

“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,’’ Muktar said.

In his address, the Chairman of FCMB Group, Mr. Oladipupo Jadesimi, said:”In 2018, we continued to move forward on the path of good governance, strengthening and improving our corporate governance structure and bringing it into line with our long-term strategy and the highest international standards. This was in order to increase the confidence of our shareholders, investors and other stakeholders in an environment that is demanding even more transparency.’’