FCMB Group’s 2016 Performance, Dividend Excite Shareholders

MARKET NEWS

Shareholders of FCMB Group Plc have applauded the financial institution for the impressive performance recorded for the year ended December 31, 2016 and the payment of N1.98 billion dividend.

Despite the challenging operating environment, FCMB Group grew its profit after tax from N4.8 billion to N14.3 billion, boosted however, by foreign exchange gains.
Speaking at the annual general meeting (AGM) held in Lagos last Friday, some of the shareholders hailed the resilience, dynamism of the company, which led to the dividend payment.
For instance, the founding National Coordinator of Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu, said: “The overall performance has been very good despite the recession the economy went through during the year under review. The impressive rise in profitability and dividend payment are clear signs that FCMB is resilient, on a stronger footing to overcome the difficult business environment and continually meet the expectations of shareholders and other stakeholders. Overall, we are satisfied with the performance.’’

Commenting in the same vein, the National Chairman of Shareholders’ Trustees Association of Nigeria, Alhaji Mukhtar Mukhtar, said: “We are happy that FCMB has again risen to the occasion by delivering value to shareholders, while also showing a strong ability to adapt effectively and professionally to the dynamics of the business environment. We strongly believe that FCMB will continue to do perform better.”
In his address at the AGM, the Chairman of FCMB Group, Dr. Jonathan Long, represented by a director, Mr. Bismarck Rewane, attributed the performance recorded last year to the professionalism and commitment the financial institution brought to bear in its business and operations. He added that, ‘’the Group has shown itself, capable of weathering the storm and I am confident that the year ahead will prove to be no exception’’.

Also speaking, the Group Chief Executive of FCMB Group Plc and until recently the Group Managing Director of First City Monument Bank Limited, Mr. Ladi Balogun, said that the realities of 2016 have been a good test of the resilience of the Bank’s turnaround programme commenced in 2015, adding that, ‘’across most indices, we have recorded progress and we intend to stay this course in the coming year.’’
On the future outlook for the bank, Balogun said: “We have built a solid business model around retail and transaction banking to deliver sustainable profit growth, effective use of technology to boost efficiency, reduced risk appetite and a great customer experience. Lending activities will be focused and strategic, with emphasis on diversification of our portfolio. We will also improve employee productivity, while growing the proportion of customers that use our digital channels.”