Shareholders of FCMB Group Plc have approved dividend payment 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.
They also restated their confidence in the financial institution to sustain its impressive performance and deliver more value at the 8th Annual General Meeting (AGM) of the Group held Wednesday at its corporate head office in Lagos.
The Group’s gross revenue increased to N199.4 billion, a 10% increase from N181.3 billion achieved in 2019, while deposits grew by 33% to N1.3trillion from N943.1billion in the previous year. Its 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%.
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. The Group grew profit after tax by 13.4% to N19.7billion. 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.
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.
“ 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.”, said Nwosu.
Also commenting, the National Co-ordinator of Pragmatic Shareholders Association of Nigeria Mrs. Bisi Bakare, was impressed by the digital transformation drive of FCMB which has impacted positively on customer service and financial inclusion.
The National Chairman, Progressive Shareholders Association of Nigeria, Mr. Boniface Okezie, said FCMB Group has done so well over the years in every aspect of business, adding the institution was 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”.
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.
Corroborating him, the Group Chief Executive of FCMB Group Plc, Mr. Ladi Balogun, reported that the Group’s businesses shall continue to improve with growth in other key indicators.
Mr. Balogun further stated that digital transformation gathered momentum, with the total number of internet banking growing by 43% to 6.6 million, while transaction volumes from mobile banking App and USSD grew by 74% in 2020. Digital loans grew from N14.5 billion in 2019 to N54.6 billion at the end of 2020.
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