Connect with us

BANKING

FCMB Group earnings hit N199.4b

Published

on

FCMB Group earnings hit N199.4b – FCMB Group Plc has announced its financial results for the year ended December 31, 2020.

The audited results showed that despite the challenges posed by the COVID-19 (coronavirus) pandemic and the business environment, the financial institution remained resilient and improved significantly on market fundamentals.

In 2020, FCMB Group’s gross revenue increased to N199.4 billion, a 10 per cent increase from N181.3 billion achieved in 2019. The positive performance of the financial institution also manifested in profit before tax, which rose to N22billion as against N20.1 billion for the same period prior year.

Following this, the leading financial services Group has declared a dividend of 15k kobo per share to shareholders compared to14 kobo per share in 2019.

FCMB Group, which is 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); Corporate & Investment Banking (The Corporate Banking Division of the Bank, FCMB Capital Markets Limited and CSL Stockbrokers Limited) and Investment Management (FCMB Pensions Limited, FCMB Asset Management Limited and FCMB Trustees Limited), also reported appreciable growth in other key operating areas.

Read also: FCMB Group announces N34.4b gross revenue in Q1

The financial results showed enhanced customers’ confidence in FCMB, as deposits grew by 33 per cent to N1.3 trillion from N943.1billion in the previous year.

Loans and advances surged by 15 per cent to N822.8 billion as at last December 2020.

Also, the total assets of the Group increased by 23 per cent to N2.06 trillion last year.

Moreover, FCMB Group’s net interest income rose by 20 per cent to N90.8 billion for the full year 2020 from N76.0 billion in 2019. Non-interest income equally increased to N37.8 billion, representing a nine per cent growth, as against N34.8 billion prior year.

The Group’s Assets Under Management (AUM) also sustained its growth trajectory by rising to N495.2 billion for the year ended December 2020, up by 23 per cent.

Similarly, capital adequacy ratio remained stable at 17.7 per cent for the retail and commercial banking subsidiary of the Group (that is, First City Monument Bank, which has a customer base of almost 8 million). The capital adequacy ratio of 17.7 per cent is above the benchmark set by the Central Bank of Nigeria for deposit money Banks in the country. Liquidity ratio of the Bank stood at 34.2 per cent as at the end of the financial year 2020, indicating that the financial institution is in a very healthy position. Non-performing loans to total loans ratio stood at a modest 3.3 per cent.

Samson Gabriel a graduate of mass communication from Auchi Polytechnic, he is a passionate writer with experience in radio scrip writing. He brings his experience from the broadcast media into play here as he continues to enjoy his passion as a journalist. He can be contacted via whats-app on: +234701105670

Continue Reading
Advertisement
1 Comment

1 Comment

  1. Goodluck Timothy

    March 31, 2021 at 11:53 PM

    GOOD DAY SIR/MA

    HAVE YOU HELD ABOUT RICH CONNECT TRUST INVESTMENT…?

    RICH CONNECT TRUST INVESTMENT is a matrix system which give you DOUBLE of your CAPITAL back in ( 45 Minutes ) after Registrations

    RICH CONNECT PACKAGES
    N20,000——N40,000
    N40,000——N80,000
    N50,000——N100,000
    N100,000—–N200,000
    N150,000—–N350,000
    N300,000—–N600,000
    N200,000—–N400,000
    N400,000—–N800,000
    N500,000—–N1,000,000

    NOTE: we credit your account after 45mins of Your Registeration
    INTRODUCTION
    RICH CONNECT TRUST Investment is a company duely registered under the Coporate Affairs Commission of Nigeria and certified fraud free to do business in Nigeria by the Economic Financial Crimes Commission (EFCC). This is a Nigerian network marketing company founded by Okafor Alex Monye with it’s Head Quarter’s. The company takes pride in the fact that it stands out amongst other network marketing companies. It has the best compensation plan, affordable and effective services, systems that keeps her customers coming back for more. When you join this company, you get more than their outstanding services.

    07046246360

    ITS SIMPLE HERE!!!!!!!
    We trade with hard currency here like bit coin we make 3tripple of your donation and send you you two part and we benefit one part Example if you invest with 100k within 45mins we make profit of 300k then send 200k to you then profit 100k This is not mmm where they merge people to donate for each other
    You pay directly to us and we credit you directly

    Contact Mr. GOODLUCK TIMOTHY
    07046246360

    NOTE:- YOU GET CREDITED BACK IN LESS THAN 45 MINUTES…

    CHAT US-UP IF INTEREST FILL YOUR FORM AND START EARNING…

    NOTE: You can finish reading this and decide not to take the necessary actions, but the next time you want to complain about not having money, just know that you are on your own problem.

Leave a Reply

Your email address will not be published. Required fields are marked *