Stanley Opara
FCMB Group Plc says it remains poised to deliver better earnings to shareholders and other stakeholders of the bank despite the prevailing macroeconomic and regulatory challenges.
The bank assured that it was on a stronger pedestal and will continue to provide superior performance that would add significant value to stakeholders in a sustainable manner.
This resolve, the lender explained, remained very feasible considering that its subsidiaries were well positioned to deliver more cutting-edge solutions that would provide the best customer experience in their respective target markets.
The lender’s board and management gave this assurance at the 5th Annual General Meeting of FCMB Group Plc, a holding company comprising eight entities, namely First City Monument Bank Limited, FCMB Capital Markets, CSL Stockbrokers Limited, CSL Trustees Limited, Legacy Pension Managers Limited, FCMB (UK) Limited, First City Asset Management Limited and Credit Direct Limited, held in Lagos.
In its audited accounts for the year ended December 31, 2017, FCMB Group recorded a gross revenue of N169.9bn and a profit before tax of N11.5bn, while profit after tax was N9.4bn. In addition, deposits grew to N689.9bn as at the end of December 2017, an increase of five per cent, from N657.6bn in the previous year.
The group’s capital adequacy ratio also improved to 16.9 per cent from 16.7 per cent, just as asset base increased to N1.19tn, compared to N1.17tn at the end of 2016. Non-interest income as at the end of 2017 was N32bn, while loans and advances stood at N649.8bn.
Presenting the Chairman’s report, Mr. Oladipupo Jadesimi said, “We will continue to shore up the capital of the bank through profit retention in preparation for the growth opportunities that we expect as the economy recovers.”
The new Chairman of the board of FCMB Group Plc expressed gratitude to shareholders for their continuous support, adding that:
“Although we met with a number of challenges as a Group in 2017, I am pleased to say that we were able to surmount them, thanks to the commitment of all the personnel of our Group companies,” he said.
Also speaking at the AGM, the Group Chief Executive of FCMB Group Plc, Mr. Ladi Balogun, said, “In spite of the reduction in headline numbers, group performance is an improvement over the previous year after adjusting for the significant foreign exchange revaluation income enjoyed in 2016.”
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