FCMB’s Profit Soars By 73%
FCMB Group Plc has announced a gross revenue of N177.4 billion for the 2018 financial year, representing 4.3 percent increase over its N169.9 billion gross revenue in the preceding year.
The lender in a statement issued on its performance during the year under review reported that its profit before tax (PBT) grew by 73 per cent to N18.4 billion compared to the N11.5 billion PBT it recorded in 2017.
Consequent upon the impressive performance, the bank recommended a dividend of 14 kobo per share to shareholders.
The lender clarified further: “The 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, First City Asset Management Limited and CSL Trustees Limited) also reported appreciable growth in key operating areas going by the audited results.
“Net interest income as at the end of 2018 rose by three per cent year-on-year to N72.6bn.
“In demonstration of the enhanced confidence of customers in FCMB, deposits also increased by 19 per cent Year on Year to N821.7bn, while loans and advances stood at N633bn. Total assets went up by 21 per cent YoY to N1.43tn, just as capital adequacy ratio was 15.9 per cent”, the lender added.
Making further clarifications on the 2018 performance, the bank stated that “the commercial and retail banking group (which includes First City Monument Bank Limited, Credit Direct Limited, FCMB (UK) Limited and FCMB Microfinance Bank Limited) grew its profits by 76 per cent, driven by improved performance in retail lending and increase in fees and commissions.
“Our banking franchise continued to grow as reflected by a 19 per cent rise in deposits and our customer base also grew by 20 per cent to 4.8 million customers.
“The pre-tax profits of our investment banking businesses (FCMB Capital Markets Limited and CSL Stockbrokers Limited) grew by 18 per cent in 2018. This performance was driven by higher conversion of our investment banking deal pipeline as well as cost efficiency”, the lender added.
Leave a Reply