Shareholders of FCMB Group Approve N2.8 Billion Dividend


Goddy Egene

Shareholders of FCMB Group Plc have approved the N2.77 billion dividend recommended by the board of directors for the year ended December 31, 2019. The dividend, which translates to 14 kobo per share, was approved last week at the 7thannual general meeting (AGM) held in Lagos.

The AGM was held by proxy, following the outbreak of the COVID-19, which necessitated social distancing protocol to avoid the spread of the pandemic.

In his address, the Chairman of FCMB Group, Mr. Oladipupo Jadesimi, stated that all the three business groups within FCMB Group Plc, reported improved performances, in terms of higher earnings and profits, compared to what was achieved in 2018.

He expressed gratitude to shareholders for joining the meeting as well as their unflinching support, which has made FCMB to wax stronger.

“The board of directors has adopted a policy that seeks to provide investors with a stable and sustainable form of capital distribution, with consideration given to the growth and capital requirements of the business, thereby maximising long-term share value for shareholders,” he said.

Also speaking at the AGM, the Group Chief Executive of FCMB Group Plc, Mr. Ladi Balogun, said: “Our businesses continue to improve with growth in other key indicators, such as loans and advances, deposits and assets under management (AUM), which grew by 13.1 per cent, 14.7 per cent and 28.3 per cent, respectively. Our customer base also grew by 27.5 per cent across the group from 5.5 million to 7.0 million.”

While the bank ended the year with gross earnings of N188 billion and profit of N20.1 billion, Balogun assured stakeholders that 2020 would see a number of the financial institution’s digital initiatives coming of age and would be substantial.