FCMB Group records grows profit to N20.1bn

•Goes ahead with AGM by proxy

FCMB Group Plc has announced its financial results for the year ended December 31, 2019. The audited results showed that the Group’s gross revenue increased to N188 billion compared to N177.2 billion in 2018.

The strong performance also manifested in profit before tax, which rose by nine per cent to N20.1 billion.

Following this, the financial institution has declared a dividend of 14 kobo per share to shareholders.

The financial results also showed that net interest income increased by five per cent to N76 billion for the twelve months of 2019 from N72.6 billion within the same period in 2018.

FCMB’s deposits grew to N943.1 billion in December 2019, as against N863.4 billion in September 2019. Loans and advances disbursed by the Group as at the end of December 2019 stood at N715.9 billion, representing a rise of 12 per cent (Quarter-on-Quarter, QoQ), compared to N638.1 billion in September 2019.

Moreover, total assets of the Group went up by 10 per cent Q-o-Q to N1.67 trillion in December 2019 from N1.52 trillion in September 2019, just as capital adequacy ratio stood at 17.17 per cent, which is above the benchmark set by the Central Bank of Nigeria.

Commenting on the overall performance, FCMB Group stated that, “Post-tax profits increased by 16 per cent to N17.3 billion, this translates to a return on average equity (RoAE) of nine per cent and earnings per share of 87.2 kobo, an improvement on 8.1 per cent and 75.2 kobo, respectively, in 2018”.

It added that, “Our businesses continue to improve with growth in other key indicators, such as loans and advances, deposits and assets under management (AUM), which grew by 13.1 per cent, 14.8 per cent and 28.3 per cent, respectively. Our customer base also grew by 27.7 per cent across the Group from 5.3 million to 6.8 million.

“Overall, customer satisfaction has shown positive trends, with a net promoter score of 31 in banking and 23 in asset management. Asset quality has continued to improve, with the Group-wide NPL ratio coming down to 3.7 per cent from 5.9 per cent. Similarly, capital adequacy ratio has remained stable at 17.2 per cent for our Commercial and Retail Banking Group”.

Meanwhile, FCMB Group Plc said it would go ahead with its already scheduled Annual General Meeting (AGM), albeit by proxy.

In a public disclosure that was sent to the Nigerian Stock Exchange, yesterday, FCMB Group explained its decision. According to the company, a proxy AGM became necessary due to the Coronavirus pandemic, and the ongoing efforts to contain its spread through social distancing and lockdowns.

The statement further noted that the company’s decision was informed by the important corporate actions that are “predicated on the AGM.”

The AGM will hold on the 28th of April, 2020, as previously scheduled, following approval by the Corporate Affairs Commission (CAC). Part of the statement by the company said:

“We are also mindful of the legal framework and corporate actions predicated on the AGM, such as payment of dividend to shareholders, approval of audited accounts and filing of the Company’s annual returns, ratification of the retirement of and appointment of Directors as well as the appointment of new Auditors in line with the Central Bank of Nigeria requirements.

“Therefore, towards ensuring that these actions do not remain stalled as would be the case if the AGM is postponed or cancelled, we engaged the Corporate Affairs Commission (CAC) and have obtained their approval to hold the AGM WITH ATTENDANCE BY PROXIES.”

FCMB Group, 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);

Others are Investment Banking (FCMB Capital Markets Limited and CSL Stockbrokers Limited) as well as Asset & Wealth Management (FCMB Pensions Limited, FCMB Asset Management Limited and CSL Trustees Limited), also reported appreciable growth in key operating areas going by the audited results.

 

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