FCMB Group posts N188b gross earnings


Colins Nweze

FCMB Group Plc has posted N188 billion gross earnings in its financial results for the year ended December 31, 2019.

The audited results showed that the gross revenue was higher than the N177.2 billion achieved in same period of 2018.

The strong performance also manifested in profit before tax, which rose by nine per cent to N20.1 billion.

Following this, the financial institution has declared a dividend of 14 kobo per share to shareholders.

FCMB Group, a holding company divided along three business groups; Commercial and Retail Banking (First City Monument Bank Limited, Credit Direct Limited, FCMB (UK) Limited and FCMB Microfinance Bank Limited); Investment Banking (FCMB Capital Markets Limited and CSL Stockbrokers Limited) as well as Asset & Wealth Management (FCMB Pensions Limited, FCMB Asset Management Limited and CSL Trustees Limited), also reported appreciable growth in key operating areas going by the audited results.

The financial results also showed that net interest income increased by five per cent Year-on-Year (YoY) to N76 billion for the twelve months of 2019 from N72.6 billion within the same period in 2018.

In demonstration of enhanced customers confidence in FCMB, deposits grew to N943.1 billion in December 2019, as against N863.4 billion in September 2019. Commenting on the overall performance, FCMB Group stated that, “post-tax profits increased by 16 per cent to N17.3 billion, this translates to a return on average equity (RoAE) of nine per cent and earnings per share of 87.2 kobo, an improvement on 8.1 per cent and 75.2 kobo, in 2018.”

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