FCMB grows pre-tax profit by 109% to N16.3b

Please follow and like us:

  • 0
  • Share

The FCMB Group Plc recorded impressive growth across key performance indicators in 2016 as the financial services group grew profit before tax by 109 per cent to N16.3 billion. The Group is the holding company for First City Monument Bank (FCMB) Limited, FCMB Capital Markets Limited, CSL Stockbrokers Limited and CSL Trustees Limited.
Key extracts of the audited report and accounts of the Group for the year ended December 31, 2016 showed that the group demonstrated resilience against the tough operating environment. Profit before tax rose by 109 per cent to N16.3 billion in 2016 as against N7.8 billion recorded in 2015. Profit after tax also rose to N14.3 billion in 2016 as against N4.8 billion in 2015. Gross earnings rose by 16 per cent to N176.35 billion in 2016 as against N152.51 billion in 2015.
With the improvement in the bottom-line, the board of the directors has recommended a dividend per share of 10 kobo to shareholders. This implies a dividend yield of more than 10 per cent for the group.

Further analysis showed that non-interest income grew to N47.7 billion, an 86 per cent increase on N25.6 billion recorded in 2015. This was mainly driven by N29.3 billion in foreign exchange revaluation gains. Consistent with its value as a helpful financial institution committed to the growth of individual and business aspirations, the FCMB Group results showed an increase in credits advanced to customers last year. Loans and advances rose by 11 per cent from N593 billion in 2015 to N660 billion in 201. Total assets increased marginally by from N1.16 trillion in 2015 to N1.17 trillion in 2016.
Also, operating expenses decreased by 2.0 per cent to N65.8 billion while non-performing loans to total loans ratio declined from 4.2 per cent in 2015 to 3.7 per cent in 2016. The group’s capital adequacy ratio stood at 16.7 per cent. However, customer deposits reduced to N658 billion from N700 billion.
The report showed that First City Monument Bank (FCMB) Limited, the flagship of FCMB Group and the commercial and retail banking arm of the holding company, also sustained its impressive performance over the years. The bank’s net interest income grew by nine per cent from N62.8 billion in 2015 to N68.6 billion in 2016

Facebook Comments

Please follow and like us:

  • 0
  • Share

Leave a Reply

Your email address will not be published. Required fields are marked *