Shareholders of First City Monument Group has unanimously approved the payment of a dividend of N2.97 billion, translating to N0.15 per ordinary share for the financial year ended December 31, 2020.
The dividend payout is more than the N0.14 per share declared in the previous year by the financial group.
The Group Chief Executive of FCMB Group Plc, Ladi Balogun, noted that in spite of the challenging macroeconomic environment, the Group grew profit after tax by 13.4 percent to N19.7 billion.
He added that this increase had a direct correlation with earnings per share, which grew from 87 kobo in 2019 to 98 kobo in 2020, while return on average equity also rose to 9.2 percent from nine percent.
The company grew its gross earnings to N199.4 billion from N181.3 billion, while the interest income increased to N151.0 billion from N137.5 billion, with the interest expense at N60.3 billion versus N61.5 billion in 2019 and the net interest income at N90.8 billion as against N76.0 billion a year earlier.
In the results, the bank said its fee and commission income slightly moved up to N30.2 billion from N29.7 billion, while the fee and commission expense was N10.6 billion in contrast to N9.0 billion in 2019, with the net fee and commission income at N19.6 billion compared with N20.7 billion.
Speaking at the AGM, the Co-ordinator of the Independent Shareholders Association of Nigeria (ISAN), Sunny Nwosu, praised the institution for efficiently running its affairs and the appreciable growth recorded in key operating areas.
“FCMB is a great institution and we are glad that its value is growing. The fact that it has been able to meet all its financial obligations to its creditors is a very good sign of strength. It also shows the seriousness of the management to remain worthy of doing business with.
“From the results, it is clear that the management has done its best to grow all the subsidiaries, thereby contributing significantly to profit and the overall performance of the Group,” Nwosun said.