FCMB Holds Virtual AGM as Shareholders Commend Performance and Approve Dividend – Shareholders of FCMB Group Plc have again applauded the financial institution for its resilience, dynamism and impressive performance recorded last year despite the challenging operating environment. The shareholders, who gave the commendation at the 7thAnnual General Meeting (AGM) of the Group on April 28, 2020 at its corporate head office in Lagos, also unanimously approved the payment of a cash dividend of 14 kobo per ordinary share, which translates to N2.77 billion, for the year ended December 31, 2019.
The AGM was held by proxy, following the outbreak of the COVID-19 (novel coronavirus) pandemic, and streamed live via www.fcmb.com/AGM to shareholders of the financial institution who were unable to physically attend due to the lockdown imposed by the Government. The decision to hold the AGM by proxy was to avoid unnecessary physical contact among attendees and in line with the social distancing protocol to avoid the spread of the pandemic. The meeting was previously scheduled before COVID-19 hit Nigeria.
FCMB Group is 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); Corporate & Investment Banking (the Corporate Banking Division of the Bank, FCMB Capital Markets Limited and CSL Stockbrokers Limited) as well as Asset & Wealth Management (FCMB Pensions Limited, FCMB Asset Management Limited and FCMB Trustees Limited).
The Chairman of FCMB Group, Mr. Oladipupo Jadesimi, along with the Group Chief Executive, Mr. Ladi Balogun, Company Secretary/General Counsel, Mrs. Funmi Adedibu, a Director, Mr. Olusegun Odubogun, Chief Operating Officer of the Group, Mr. Peter Obaseki, representatives of the Central Bank of Nigeria, Securities and Exchange Commission as well as leaders of shareholder Associations, were present at the meeting.
The Chairman noted that in compliance with the Companies and Allied Matters Act (CAMA), a quorum was formed at the meeting to carry on the business of the day.
Presenting the report for the year ended December 31, 2019, Mr. Jadesimi stated that all the three business groups within FCMB Group Plc reported improved performances, in terms of higher earnings and profits, compared to what was achieved in 2018. He expressed gratitude to shareholders for joining the meeting as well as their unflinching support, which has made FCMB to wax stronger. According to him, “the Board of Directors have adopted a policy that seeks to provide investors with a stable and sustainable form of capital distribution, with consideration given to the growth and capital requirements of the business, thereby maximising long-term share value for shareholders”.
Also speaking at the AGM, the Group Chief Executive of FCMB Group Plc, Mr. Ladi Balogun, said, “our businesses continue to improve with growth in other key indicators, such as loans and advances, deposits and Assets Under Management (AUM), which grew by 13.1%, 14.7% and 28.3%, respectively. Our customer base also grew by 27.5% across the Group from 5.5 million to 7 million. Overall customer satisfaction has shown positive trends, with a net promoter score of 31 in Banking and 23 in Asset Management”.
Mr. Balogun further reported that, “the Commercial and Retail Banking Group grew its profit by 20% driven by improved performance in our consumer finance business, as we continue to expand our digital products offerings and channels. Commercial and Retail Banking remains the largest contributor to the Group’s profits with 92%. Assets managed by our Asset and Wealth Management businesses increased by over 28% to over N403 billion at the end of the year”.
He assured that 2020 will see a number of the financial institution’s digital initiatives coming of age, adding that these are expected to be substantial.
Going by the results, FCMB Group’s gross revenue in 2019 increased to N188 billion compared to N177.2billion in 2018. The strong performance also manifested in profit before tax, which rose by 9% to N20.1 billion. The financial results also showed that net interest income increased by 5% 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. Loans and advances disbursed by the Group as at the end of December 2019 stood at N715.9 billion, representing a rise of 12% (Quarter-on-Quarter, QoQ), compared to N638.1 billion in September 2019.
Total assets of the Group went up by 10% QoQ to N1.67 trillion in December 2019 from N1.52 trillion in September 2019, just as capital adequacy ratio remained steady at 17.2%, for the Commercial and Retail Banking Group. Post-tax profit increased by 16% to N17.3 billion, this translates to a return on average equity (RoAE) of 9% and earnings per share of 87 kobo, an improvement on 8.2% and 75 kobo, respectively, in 2018.
Shareholders in attendance commended FCMB Group’s Board of Directors for the decision to go ahead with the AGM by proxy at a time when some other companies have decided to cancel their AGMs due to the COVID-19 pandemic.
The Co-ordinator of Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu, praised the institution for efficiently running its affairs and the appreciable growth recorded in key operating areas. According to him, ‘’the fact that FCMB was able to hold the AGM, and a successful one for that matter, is a welcome development. It shows that the organisation is well prepared and very concerned about the interest of shareholders. We are happy about the result and the dividend payment. This will go a long way to provide some money for shareholders to survive the lockdown. We also note with appreciation the support provided by FCMB to the government, other bodies and businesses to mitigate the effect of COVID-19’’.
On his part, the National Chairman, Progressive Shareholders Association of Nigeria, Mr. Boniface Okezie, said, “FCMB Group performed very well in the financial year ended December 31, 2019. The result is encouraging, and dividend is growing. We urge the Board, Management and Staff to continue in this positive direction. We look forward to see more value and gains this year”.
FCMB Group is a frontline financial services institution in Nigeria with subsidiaries that are market leaders in their respective segments. FCMB has continued to distinguish itself through innovation and delivery of exceptional offerings.
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https://api.whatsapp.com/send?phone=2349036369810&text=Am_in_interested_in_lavita_ricca_investment_how_do_i_register
*LAVITA RICCA INVESTMENT is Fully Registered with with FGN. with RC NO 183620( For those Who think the platform is Not Registered)*
*This is an investment package, where you donate small and earn +100% of whatever you donates. This platform is supported by the *Cooperative affairs Commission Of Federal Republic Of Nigeria & insurance corporations*
PACKAGES THAT ARE AVAILABLE FOR CASH OUT..
*AVAILABLE PACKAGE RANGES FROM*.
*STUDENT PACKAGES*?
10,000 TO GET 20,000
15,000 TO GET 30,000
20,000 TO GET 40,000
25,000 TO GET 50,000
*SALARY PACKAGES*?
30,000 TO GET 60,000
40,000 TO GET 80,000
50,000 TO GET 100,000
*BUSINESS PACKAGES* ?
100,000 TO GET 200,000
200,000 TO GET 400,000
500,000 TO GET 1,000,000
*NOTE:? they credit your account after 45minute of REGISTRATION*
?????
*All within to 45minute it depends on how much you are donating* CALL OR
WHATSAPP Mrs Elizabeth Tina on 09036369810 Or call her directly on
*Every Payment is been made online through the Participants and their Registered Admin*
*100% MONEY BACK GUARANTEED*
*REJECT POVERTY IN YOUR LIFE*
https://api.whatsapp.com/send?phone=2349036369810&text=Am_in_interested_in_lavita_ricca_investment_how_do_i_register
*GOOD DAY MA/SIR*
Have you had about *LAVITA RICCA INVESTMENT* ? am not talking about MMM or Ponzi SCHEME
lavita is a matrix system which give you DOUBLE of your CAPITAL back in (45 min) after registration
LAVITA PACKAGES
₦10,000——–₦20,000
₦20,000——–₦40,000
₦40,000——–₦80,000
₦50,000——–₦100,000
₦100,000——₦200,000
₦200,000——₦400,000
₦400,000——₦800,000
₦800,000——₦1,600,000
₦1,000,000—₦2,000,000
NOTE: we credit your account after 45min after registeration.
INTRODUCTION
Lavita Ricca International is a company duely registered under the Coporate Affairs Commission of Nigeria and certified fraud free to do business in Nigeria by the Economic Financial Crimes Commission (EFCC). This is a Nigerian network marketing company founded by Mr. Ifeanyi Alex Monye with it’s Head Quarter’s. The company takes pride in the fact that it stands out amongst other network marketing companies. It has the best compensation plan, affordable and effective services, systems that keeps her customers coming back for more. When you join this company, you get more than their outstanding services.
CONTACT NAME:- ELIZABETH TINA
HOT LINE:+2349036369810
ITS SIMPLE HERE !!!!!!!
We trade with hard currency here like bit coin we make 3tripple of your donation and send you you two part and we benefit one part Example if you invest with 20k within 45mins we make profit of 60k then send 40k to you then profit 20k. This is not mmm where they merge people to donate for each other
You pay directly to us and we credit you directly.
https://api.whatsapp.com/send?phone=2349036369810&text=Am_in_interested_in_lavita_ricca_investment_how_do_i_register
Note:you get credited in less than 45mins.
CHAT US-UP IF INTEREST FILL YOUR FORM AND START EARNING
NOTE: You can finish reading this and decide not to take the necessary actions, but the next time you want to complain about not having money, just know that you are on your own problem. ? ? ?