BrandArena: Investors Laud FCMB's 2014 Performance, Okay 25kobo Dividend

Friday 24 April 2015

Investors Laud FCMB's 2014 Performance, Okay 25kobo Dividend

At its 2nd Annual General Meeting (AGM) in Lagos yesterday, shareholders of First City Monument Bank (FCMB) Group Plc unanimously approved the payment of a cash dividend of 25 kobo per ordinary share, which translates to N4.95 billion, for the year ended December 31, 2014.

Commenting on the development and the financial statements of the Group, the Coordinator of Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu, commended the Board and Management of FCMB Group Plc for the performance and dividend payment, despite the particularly challenging operating environment for banks in 2014.
L-R: The Company Secretary/General Counsel, FCMB Group Plc, Mrs. Funmi Adedibu; Chairman, Dr. Jonathan Long; Founder of FCMB Group, Otunba Subomi Balogun; Group Managing Director/Chief Executive of First City Monument Bank Limited, Mr. Ladi Balogun and Managing Director of FCMB Group Plc, Mr. Peter Obaseki, at the 2nd Annual General Meeting of FCMB Group Plc held yesterday, 23 April, 2015 in Lagos.
He added that, ‘’the increase in the Group’s profit from N16b in 2013 to N22b in 2014 is commendable. It is a clear signal that things are looking up. We are also happy that FCMB has emerged as a strong player in retail banking and from what we have seen so far, we are optimistic that the Bank will continue to wax stronger’’.

On his part, the National Chairman of Shareholders’ Trustees Association of Nigeria, Alhaji Mukhtar Mukhtar, said, ‘’the result is very wonderful, despite the very harsh economic environment. The FCMB has been able to give us a wonderful result. We are very satisfied. The 22k dividend is very encouraging. Profit after tax has gone up, total assets has increased. We are very impressed with the result. I congratulate the current executive management of the Bank for a job well done’’. On the refreshed corporate identity of FCMB, Alhaji Mukhtar described the move as welcome development that will help the Bank become more visible and connect better with customers.

The Chairman of FCMB Group, Dr. Jonathan Long, stated that the Group, which comprises First City Monument Bank Limited, FCMB Capital Markets Limited and CSL Stockbrokers Limited, ‘’has achieved a strong and sustained growth over the past three years’’, adding that during the past year, the Group continued the profitable development of its core banking, capital markets and stock-broking businesses’’. Mr. Long assured that with the implementation of the Group’s supervisory structure, ‘’we are confident that this will help us to consolidate the gains made over the past years and face the economic challenges which we are confronted in 2015’’.

The Managing Director of FCMB Group Plc, Mr. Peter Obaseki, noted that, “the Group is on track to deliver on its promise to its various shareholders’’. He continued by explaining that the Financial Holding Company structure adopted by FCMB in 2013 has given, ‘’opportunity for us to diversify our revenue sources and minimise our exposure to the risks inherent in some of the businesses in our portfolio of investments’’. Mr. Obaseki stated that despite regulatory and macro-economic challenges, ‘’our future outlook is bright, our capital base remain strong, the bank’s strategies are yielding results and we will focus more improving contribution to revenue from the non-banking businesses, especially in the wealth management space’’.

Last week, FCMB Group Plc announced the change its brand colours of black and gold to purple and yellow; a step that has obviously excited shareholders and customers.

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