Shareholders of FBN Holdings Plc yesterday approved the N13.64 billion recommended for the year ended December 2019, even as the group reiterated its promise to place its shareholder value at the forefront of its operations.
Commending the board and management on the improved results and the dividend recommended, Mr. Sunny Nwosu of the Independent Shareholders Association of Nigeria (ISAN), said: “I want to put on record, our appreciation for the dividend being proposed. We look forward greater dividend in the future because we believe we have in place a management with good thinking. So, we are expectant of good products.”
Also speaking, another shareholder, Mr. Adebayo Adeleke, described the financial result of the group as another outstanding performance and one that has helped shareholders enjoyed better dividend of 38 kobo this year.
FBN Holdings ended the year with profit before tax (PBT) of N83.6 billion in, up by 30.9 per cent from N63.9 billion in 2018, while profit after tax (PAT)rose from N58.2 billion to N73.7 billion.
According to the financial institution, it has been positioned and driven to not just remain relevant in the future but also involved in the development of the Nigerian economy and its host countries across Africa.
Speaking at the AGM, the Group Managing Director, FBN Holdings Plc, Mr. UK Eke, said central to its strategy is the three-pronged focus , noting that these primary focus areas are in addition to the long-term strategy of the Group, which is ultimately geared towards ensuring that FBN Holdings becomes one of the foremost financial services institutions in Sub-Saharan Africa.
He said the 2019 financial results have been a good reflection of our strategy and the directional ratios are consistent with the future we seek to create for the institution.
He assured shareholders that the strategy to reposition the Group is gathering momentum and the key pain points, including the challenging delinquent loan portfolio, have been effectively addressed except for the need to intensify efforts at reducing our cost to serve.
“Now that we are on course for a normalised non-performing loan (NPL) territory in 2020 and with our leadership position in electronic channels, the Group is positioned to take advantage of the evolving opportunities in the market for the benefit of our esteemed shareholders,” Eke said.