Nigeria: FCMB Grows Profit to N20.1 Billion

6 April 2020

The 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 N177.2billion in 2018. The performance also manifested in profit before tax, which rose by nine per cent to N20.1 billion. Following this, the financial institution declared a dividend of 14 kobo per share to shareholders.

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); 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.

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

In demonstration of enhanced customers' confidence in FCMB, deposits grew to N943.1 billion in December 2019, as against N863.4 billion in September 2019.

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 of 8.1 per cen 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."

FCMB Group is a frontline financial services institution in Nigeria with subsidiaries that are market leaders in their respective segments.

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