Shareholders Applaud FCMB, Approve Dividend Of N2.97bn At AGM

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Shareholders of FCMB Group Plc (www.fcmbgroup.com) have restated
their confidence in the financial institution to sustain its
impressive performance and deliver more value. The shareholders
gave the commendation at the 8th Annual General Meeting (AGM) of
the Group held on April 21, 2021 at its corporate head office in
Lagos. They also unanimously approved the payment of a dividend of
N2.97 billion, translating to 15 kobo per ordinary share for the
year ended December 31, 2020, as against 14 kobo per share the
previous year.

image

The AGM was held virtually due the prevailing COVID-19
(coronavirus) pandemic and streamed live via www.fcmb.com/AGM[1] to
shareholders of the financial institution. This is in conformity
with government’s directives on physical distancing and the
restriction on maximum number of people at every gathering due to
the COVID-19 pandemic. The virtual meeting is also in accordance
with Section 254 of the Companies and Allied Matters Act 2020 and
as approved by the Corporate Affairs Commission.

image

FCMB Group is a holding company divided along three business
groups; Commercial and Retail Banking (First City Monument Bank
Limited, Credit Direct Limited, FCMB (UK) Limited and FCMB
Microfinance Bank Limited); Corporate & Investment Banking (The
Corporate Banking Division of the Bank, FCMB Capital Markets
Limited and CSL Stockbrokers Limited) and Investment Management
(FCMB Pensions Limited, FCMB Asset Management Limited and FCMB
Trustees Limited).

The Chairman of FCMB Group, Mr. Oladipupo Jadesimi, along with
the Group Chief Executive, Mr. Ladi Balogun; Company
Secretary/General Counsel, Mrs. Funmi Adedibu; a Director of the
Group, Mrs. Olapeju Sofowora; Executive Director, Corporate Banking
& Investment Banking of the Group, Mr. Olufemi Badeji,
representatives of the Central Bank of Nigeria, Securities and
Exchange Commission as well as leaders of shareholder Associations,
were present at the meeting.

Speaking at the AGM, the Co-ordinator of Independent
Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu,
praised the institution for efficiently running its affairs and the
appreciable growth recorded in key operating areas.

According to him, “FCMB is a great institution and we are glad
that its value is growing. The fact that it has been able to meet
all its financial obligations to its creditors is a very good sign
of strength. It also shows the seriousness of the management to
remain worthy of doing business with. From the results, it is clear
that the management has done its best to grow all the subsidiaries,
thereby contributing significantly to profit and the overall
performance of the Group. We appreciate the results and dividends
declared by FCMB, while looking forward to many more years of
prosperity”.

Also commenting, the National Co-ordinator of Pragmatic
Shareholders Association of Nigeria Mrs. Bisi Bakare, stated that,
“we are impressed by the digital transformation drive of FCMB which
has impacted positively on customer service and financial
inclusion. We commend FCMB for the introduction of paperless and
cardless transactions at branches and other touchpoints. We are
also happy that the Bank intervened to support the government and
Nigerians to ease the problems caused by COVID-19 through various
support. It is also a thing of joy to see the Bank carrying out
several activities to grow businesses and empower Nigerians,
especially youths. The 2020 results are a welcome development”.

The National Chairman, Progressive Shareholders Association of
Nigeria, Mr. Boniface Okezie, said, “FCMB as a Group has done so
well over the years in every aspect of business. The institution is
growing rapidly with branches all over the country. It is also
performing well in terms of innovation, technology and customer
service. Profit and dividend are rapidly increasing going by the
2020 financial results. The dividend payment of 15k to shareholders
is a very good one in the midst of the difficult situation caused
by the COVID-19 pandemic. Overall, FCMB Group has done excellently
well and we are optimistic of a brighter future”.

Presenting the report for the year ended December 31, 2020, the
Chairman, Mr. Jadesimi, assured that FCMB Group is well-positioned
to continue to succeed in the years to come, even in the face of
the COVID-19 pandemic. He attributed the optimism to the decisions
that the financial institution has made over the past few years,
especially those around leveraging new digital technology, to
expand access to financial transactions.

According to him, ‘’the Board of Directors has adopted a policy
that seeks to provide investors with a stable and sustainable form
of capital distribution, with consideration given to the growth and
capital requirements of the business, thereby maximising long-term
share value for shareholders’’.

On his part, the Group Chief Executive of FCMB Group Plc, Mr.
Ladi Balogun, reported that inspite of the challenging
macroeconomic environment, the Group grew profit after tax by 13.4%
to N19.7billion. He added that this increase had a direct
correlation with earnings per share, which grew from 87 kobo in
2019 to 98 kobo in 2020, while return on average equity also rose
to 9.2% from 9%.

He stated that, “our businesses continue to improve with growth
in other key indicators, such as loans and advances 14.9% and total
assets 23.4%. Customer deposits grew by 33.3% to over N1.2 trillion
with a large portion of the growth coming from current and savings
accounts. Our customer base in the Group also increased from 6.8
million to 8.3 million. Our investment management businesses
increased their assets by 23% to almost N500 billion at the end of
the year’’.

Mr. Balogun further reported that, “across the Group, our
digital transformation gathered momentum, with the total number
ofinternet banking growing by 43% to 6.6 million. Transaction
volumes from mobile banking (App and USSD) grew by 74% in 2020. Our
digital loans grew from N14.5 billion in 2019 to N54.6 billion at
the end of 2020. Innovation and efficiency gains will be the key
pillars on which we seek to raise our game in the near future. We
expect that in 2021, we will continue with the strides we have made
with our digital initiatives, as our technology platforms and
products continue to contribute to our performance and
competitiveness. We will remain resilient and innovative in
charting new avenues for growth. We will also remain committed to
elevating the quality of life of all our stakeholders’’.

Speaking on the response of FCMB Group to the challenges of
COVID-19, he disclosed that the financial institution contributed
immensely to the efforts at combating the spread of the pandemic
and alleviating the pains of the most vulnerable members of the
society by donating N250 million to the CACOVID initiative.

The Group Chief Executive added that, “we also supported state
governments across the country to provide testing, palliatives,
various medical items, including Personal Protective Equipment and
ambulances to assist them effectively equip and secure health
workers. We also provided catalytic support for givefood.ng.
Through this initiative, one million vulnerable Nigerians had
access to meals during the height of the government lockdown’’.

FCMB Group and its subsidiaries have consistently proved their
mettle as resilient institutions with significant improvement on
all financial fundamentals over the years.

Among other results for the year 2020, the Group’s gross revenue
increased to N199.4 billion, a 10% increase from N181.3 billion
achieved in 2019. The results also showed enhanced customers
confidence in FCMB, as deposits grew by 33% to N1.3trillion from
N943.1billion in the previous year. Loans and advances surged by
15% to N822.8 billion as at December 2020. Total assets of the
Group increased by 23% to N2.06 trillion last year. Moreover, FCMB
Group’s net interest income was up by 20% to N90.8 billion for the
full year 2020 from N76.0 billion in 2019. Non-interest income
equally increased to N37.8 billion, representing a 9% growth, as
against N34.8 billion prior year. The Group’s Assets Under
Management (AUM) also sustained its growth trajectory by rising to
N495.2 billion for the year ended December 2020, up by 23%.

Similarly, capital adequacy ratio remained stable at 17.7% for
the retail and commercial banking subsidiary of the Group (that is,
First City Monument Bank). The capital adequacy ratio of 17.7% is
above the benchmark set by the Central Bank of Nigeria for deposit
money Banks in the country. Liquidity ratio of the Bank stood at
34.2% as at the end of the financial year 2020, indicating that the
financial institution is in a very healthy position. Non-performing
loans to total loans ratio stood at a modest 3.3%.

Analysts have already expressed broadly positive views on FCMB’s
2020 financial results. An analyst described it as, “very
encouraging”.

A financial expert stated that, “the 2020 results of the Group
is a clear indication that the business is on a stronger pedestal
with capacity to deliver more value to shareholders, the market and
other stakeholders”.

FCMB Group is a frontline financial services institution in
Nigeria with subsidiaries that are market leaders in their
respective segments. Having successfully transformed to a retail
banking and wealth management-led group, FCMB has continued to
distinguish itself through innovation and the delivery of
exceptional services.

Shareholders of FCMB Group Plc (www.fcmbgroup.com) have restated
their confidence in the financial institution to sustain its
impressive performance and deliver more value. The shareholders
gave the commendation at the 8th Annual General Meeting (AGM) of
the Group held on April 21, 2021 at its corporate head office in
Lagos. They also unanimously approved the payment of a dividend of
N2.97 billion, translating to 15 kobo per ordinary share for the
year ended December 31, 2020, as against 14 kobo per share the
previous year.

image

The AGM was held virtually due the prevailing COVID-19
(coronavirus) pandemic and streamed live via www.fcmb.com/AGM[1] to
shareholders of the financial institution. This is in conformity
with government’s directives on physical distancing and the
restriction on maximum number of people at every gathering due to
the COVID-19 pandemic. The virtual meeting is also in accordance
with Section 254 of the Companies and Allied Matters Act 2020 and
as approved by the Corporate Affairs Commission.

image

FCMB Group is a holding company divided along three business
groups; Commercial and Retail Banking (First City Monument Bank
Limited, Credit Direct Limited, FCMB (UK) Limited and FCMB
Microfinance Bank Limited); Corporate & Investment Banking (The
Corporate Banking Division of the Bank, FCMB Capital Markets
Limited and CSL Stockbrokers Limited) and Investment Management
(FCMB Pensions Limited, FCMB Asset Management Limited and FCMB
Trustees Limited).

The Chairman of FCMB Group, Mr. Oladipupo Jadesimi, along with
the Group Chief Executive, Mr. Ladi Balogun; Company
Secretary/General Counsel, Mrs. Funmi Adedibu; a Director of the
Group, Mrs. Olapeju Sofowora; Executive Director, Corporate Banking
& Investment Banking of the Group, Mr. Olufemi Badeji,
representatives of the Central Bank of Nigeria, Securities and
Exchange Commission as well as leaders of shareholder Associations,
were present at the meeting.

Speaking at the AGM, the Co-ordinator of Independent
Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu,
praised the institution for efficiently running its affairs and the
appreciable growth recorded in key operating areas.

According to him, “FCMB is a great institution and we are glad
that its value is growing. The fact that it has been able to meet
all its financial obligations to its creditors is a very good sign
of strength. It also shows the seriousness of the management to
remain worthy of doing business with. From the results, it is clear
that the management has done its best to grow all the subsidiaries,
thereby contributing significantly to profit and the overall
performance of the Group. We appreciate the results and dividends
declared by FCMB, while looking forward to many more years of
prosperity”.

Also commenting, the National Co-ordinator of Pragmatic
Shareholders Association of Nigeria Mrs. Bisi Bakare, stated that,
“we are impressed by the digital transformation drive of FCMB which
has impacted positively on customer service and financial
inclusion. We commend FCMB for the introduction of paperless and
cardless transactions at branches and other touchpoints. We are
also happy that the Bank intervened to support the government and
Nigerians to ease the problems caused by COVID-19 through various
support. It is also a thing of joy to see the Bank carrying out
several activities to grow businesses and empower Nigerians,
especially youths. The 2020 results are a welcome development”.

The National Chairman, Progressive Shareholders Association of
Nigeria, Mr. Boniface Okezie, said, “FCMB as a Group has done so
well over the years in every aspect of business. The institution is
growing rapidly with branches all over the country. It is also
performing well in terms of innovation, technology and customer
service. Profit and dividend are rapidly increasing going by the
2020 financial results. The dividend payment of 15k to shareholders
is a very good one in the midst of the difficult situation caused
by the COVID-19 pandemic. Overall, FCMB Group has done excellently
well and we are optimistic of a brighter future”.

Presenting the report for the year ended December 31, 2020, the
Chairman, Mr. Jadesimi, assured that FCMB Group is well-positioned
to continue to succeed in the years to come, even in the face of
the COVID-19 pandemic. He attributed the optimism to the decisions
that the financial institution has made over the past few years,
especially those around leveraging new digital technology, to
expand access to financial transactions.

According to him, ‘’the Board of Directors has adopted a policy
that seeks to provide investors with a stable and sustainable form
of capital distribution, with consideration given to the growth and
capital requirements of the business, thereby maximising long-term
share value for shareholders’’.

On his part, the Group Chief Executive of FCMB Group Plc, Mr.
Ladi Balogun, reported that inspite of the challenging
macroeconomic environment, the Group grew profit after tax by 13.4%
to N19.7billion. He added that this increase had a direct
correlation with earnings per share, which grew from 87 kobo in
2019 to 98 kobo in 2020, while return on average equity also rose
to 9.2% from 9%.

He stated that, “our businesses continue to improve with growth
in other key indicators, such as loans and advances 14.9% and total
assets 23.4%. Customer deposits grew by 33.3% to over N1.2 trillion
with a large portion of the growth coming from current and savings
accounts. Our customer base in the Group also increased from 6.8
million to 8.3 million. Our investment management businesses
increased their assets by 23% to almost N500 billion at the end of
the year’’.

Mr. Balogun further reported that, “across the Group, our
digital transformation gathered momentum, with the total number
ofinternet banking growing by 43% to 6.6 million. Transaction
volumes from mobile banking (App and USSD) grew by 74% in 2020. Our
digital loans grew from N14.5 billion in 2019 to N54.6 billion at
the end of 2020. Innovation and efficiency gains will be the key
pillars on which we seek to raise our game in the near future. We
expect that in 2021, we will continue with the strides we have made
with our digital initiatives, as our technology platforms and
products continue to contribute to our performance and
competitiveness. We will remain resilient and innovative in
charting new avenues for growth. We will also remain committed to
elevating the quality of life of all our stakeholders’’.

Speaking on the response of FCMB Group to the challenges of
COVID-19, he disclosed that the financial institution contributed
immensely to the efforts at combating the spread of the pandemic
and alleviating the pains of the most vulnerable members of the
society by donating N250 million to the CACOVID initiative.

The Group Chief Executive added that, “we also supported state
governments across the country to provide testing, palliatives,
various medical items, including Personal Protective Equipment and
ambulances to assist them effectively equip and secure health
workers. We also provided catalytic support for givefood.ng.
Through this initiative, one million vulnerable Nigerians had
access to meals during the height of the government lockdown’’.

FCMB Group and its subsidiaries have consistently proved their
mettle as resilient institutions with significant improvement on
all financial fundamentals over the years.

Among other results for the year 2020, the Group’s gross revenue
increased to N199.4 billion, a 10% increase from N181.3 billion
achieved in 2019. The results also showed enhanced customers
confidence in FCMB, as deposits grew by 33% to N1.3trillion from
N943.1billion in the previous year. Loans and advances surged by
15% to N822.8 billion as at December 2020. Total assets of the
Group increased by 23% to N2.06 trillion last year. Moreover, FCMB
Group’s net interest income was up by 20% to N90.8 billion for the
full year 2020 from N76.0 billion in 2019. Non-interest income
equally increased to N37.8 billion, representing a 9% growth, as
against N34.8 billion prior year. The Group’s Assets Under
Management (AUM) also sustained its growth trajectory by rising to
N495.2 billion for the year ended December 2020, up by 23%.

Similarly, capital adequacy ratio remained stable at 17.7% for
the retail and commercial banking subsidiary of the Group (that is,
First City Monument Bank). The capital adequacy ratio of 17.7% is
above the benchmark set by the Central Bank of Nigeria for deposit
money Banks in the country. Liquidity ratio of the Bank stood at
34.2% as at the end of the financial year 2020, indicating that the
financial institution is in a very healthy position. Non-performing
loans to total loans ratio stood at a modest 3.3%.

Analysts have already expressed broadly positive views on FCMB’s
2020 financial results. An analyst described it as, “very
encouraging”.

A financial expert stated that, “the 2020 results of the Group
is a clear indication that the business is on a stronger pedestal
with capacity to deliver more value to shareholders, the market and
other stakeholders”.

FCMB Group is a frontline financial services institution in
Nigeria with subsidiaries that are market leaders in their
respective segments. Having successfully transformed to a retail
banking and wealth management-led group, FCMB has continued to
distinguish itself through innovation and the delivery of
exceptional services.

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