Shareholders of FCMB Group Plc at the weekend, commended the Board and Management of the bank for another impressive performance in 2018 in spite the challenging macroeconomic and regulatory environment.
The commendation which was given at the 6th Annual General Meeting (AGM) of the Group in Lagos witnessed shareholders approving the financial results of FCMB Group and payment of a cash dividend of 14 kobo per ordinary share for the year ended December 31, 2018.
This translates to a total amount of N2.77 billion and going by its audited accounts for last year, the Group’s profit before tax (PBT) rose by 73 per cent to N18.4 billion as against N11.5 billion in the preceding year. The Group’s gross revenue grew to N177.4 billion, an increase of 4.3 per cent compared to the N169.9 billion for the same period in 2017 while Net interest income as at the end of 2018 rose by 3 per cent Year-on-Year (YoY) to N72.6 billion.
Commenting on the development and the financial results of the Group, the Chairman, Trusted Shareholders Association of Nigeria (TSAN), Alhaji Mukhtar Mukhtar, expressed delight on the increased dividend payment. According to him, ‘’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 14 kobo dividend declaration signals FCMB’s commitment to improving the lots of shareholders’’.
For his part, the National Chairman of Progressive Shareholders Association of Nigeria, Mr. Boniface Okezie, said, ‘’FCMB and its subsidiaries have done very well in terms of dividend payment and the overall performance, including the loans portfolio which is also encouraging. The fact the bank has been able to increase its branch network is an indication that it is expanding. I believe that FCMB will build on this performance’’.