FCMB Group posts N111.8bn pre-tax profit, declares 55kobo/share dividend

FCMB Group Plc has reported a pre-tax profit of N111.8 billion for the full year ended 31 December 2024, as detailed in its recently released audited financial statement.

This represents an increase of 7.15 percent compared to the N104.4 billion recorded in 2023, as gross earnings and net interest income soared.

Also the Group has declared a final dividend payment of 55 kobo per share, subject to withholding tax and the approval of shareholders.

According to the financial statement, the group achieved gross earnings of N794.4 billion, reflecting a robust year-over-year growth of 53.85 percent.

Significantly, interest income surged to N621.8 billion, up 75.16 percent from the prior year’s figure of N354.9 billion.

A substantial portion of the interest income stemmed from loans and advances, totalling N433.2 billion, with investment securities contributing N109.7 billion.

Cash and cash equivalents were reported at N12 billion, while investment securities at Fair Value through Other Comprehensive Income (FVOCI) accounted for N66 billion of the total.

Despite interest expenses rising sharply to N396.5 billion—an increase of 122.26%—net interest income still experienced impressive growth, climbing to N225.3 billion from N176.5 billion in the previous year.

Additionally, net trading income surged to N53.7 billion, a significant rise from just N9.1 billion.

The group also reported profits from core operations, with results from operating activities reaching N112.1 billion, up by 7.36 percent.

Total assets soared to N7.05 trillion, an increase of 59.46 percent year-over-year, while retained earnings rose to N188.4 billion, up from N144.3 billion.

According to the statement, a final dividend of 55 kobo per 50 kobo ordinary share will be paid, pending shareholder approval and appropriate withholding tax.

Eligible shareholders must be listed in the Register of Members by the close of business on Wednesday, April 16.

The Register of Shareholders will be closed on Thursday, April 17. Dividends will be paid electronically on Tuesday, April 29, to shareholders listed as of April 16

Only shareholders who have completed e-dividend registration and authorised the Registrar will receive payment directly into their bank accounts.

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