Balogun: Purpose, Culture and Technology Will Boost Our Performance

The Group Chief Executive, FCMB Group Plc, Mr Ladi Balogun has assured the company’s shareholders that the group will achieve a robust performance in the 2023 financial year.

Speaking at the company’s 10th Annual General Meeting (AGM) held in Lagos, he said the company aims to prioritise purpose, culture and technology to achieve this goal.

Balogun said, “Our purpose is to foster inclusive and sustainable growth in the communities we serve. We plan to build a supportive ecosystem that connects people, capital and markets in Nigeria and the rest of Africa.”

He added that the company adopted this approach because it believes it will create value for all stakeholders while enhancing the tangible difference it makes to lives and communities.

“We also intend to deepen our use of technology and accelerate our digital transformation to ensure convenience, speed and safety of transactions for our customers,” he said.

He added that the company aims to provide greater convenience to customers and better economics for each business while innovating faster and more effectively.

He stressed the importance of building an innovative performance culture reinforced by the company’s purpose and core values of Execution, Professionalism, Innovation and Customer focus.

According to him, the FCMB Group believes that a consistent, group-wide performance culture will create agents of change and progress for its businesses and the communities it serves.

Commenting on the financial results for the year ended December 31, 2022, he said the company delivered impressive results and achieved a Profit Before Tax (PBT) of N36.6 billion, representing a 61 per cent Year-on-Year growth and a 33.5 per cent growth in gross revenue to N283 billion from N212 billion the previous year.

He disclosed that the company also recorded double-digit growth across all business segments, with the banking group growing by 71.7 per cent, while the consumer finance, investment management and investment banking segments grew by 25.6 per cent, 45.7 per cent and 26.7 per cent, respectively.