Shareholders of the Group applauded the financial institution for its resilience, dynamism and the enhanced performance recorded last year despite the challenging operating environment.
The shareholders also unanimously approved the payment of a cash dividend of 10 kobo per ordinary share, which translates to N1.98 billion, for the year ended December 31, 2016.
FCMB Group is the holding company of First City Monument Bank (FCMB) Limited, FCMB Capital Markets Limited, CSL Stockbrokers Limited and CSL Trustees Limited.
The audited accounts of the Group for last year showed a profit before tax (PBT) of N16.3 billion, an increase of 109% compared to the N7.8 billion for the same period in 2015. Profit after tax also rose to N14.3 billion as against N4.8 billion prior year. Gross revenue as at the end of December 2016 was up by 16% to N176.35 billion from N152.51 billion in the previous year.
Analysts are of the opinion that with FCMB Group Plc’s focus on effective portfolio optimisation, increased momentum in retail banking, digital channels coupled with its culture of excellence in products and service delivery, the Group and its subsidiaries are well positioned to improve on their remarkable performance and value addition to stakeholders.
The AGM had in attendance the Founder of the FCMB Group, Otunba Michael Olasubomi Balogun (CON), the Group Chief Executive and other Directors of the Group, senior management teams of the respective subsidiaries, as well as shareholders, representatives of regulatory bodies and the media.