ASR Africa donates N1bn to the College of Ibadan as a part of its Tertiary Training Grants Scheme

Shareholders of FCMB Group Plc ( have restated their confidence within the monetary establishment to maintain its spectacular efficiency and ship extra worth. The shareholders gave the commendation on the eighth Annual Normal Assembly (AGM) of the Group held on April 21, 2021 at its company head workplace in Lagos. In addition they unanimously authorised the fee of a dividend of N2.97 billion, translating to 15 kobo per bizarre share for the 12 months ended December 31, 2020, as in opposition to 14 kobo per share the earlier 12 months.

The AGM was held just about because of the prevailing COVID-19 (coronavirus) pandemic and streamed stay by way of to shareholders of the monetary establishment. That is in conformity with authorities’s directives on bodily distancing and the restriction on most variety of individuals at each gathering because of the COVID-19 pandemic. The digital assembly can also be in accordance with Part 254 of the Firms and Allied Issues Act 2020 and as authorised by the Company Affairs Fee.

FCMB Group is a holding firm divided alongside three enterprise teams; Business and Retail Banking (First Metropolis Monument Financial institution Restricted, Credit score Direct Restricted, FCMB (UK) Restricted and FCMB Microfinance Financial institution Restricted); Company & Funding Banking (The Company Banking Division of the Financial institution, FCMB Capital Markets Restricted and CSL Stockbrokers Restricted) and Funding Administration (FCMB Pensions Restricted, FCMB Asset Administration Restricted and FCMB Trustees Restricted).

The Chairman of FCMB Group, Mr. Oladipupo Jadesimi, together with the Group Chief Govt, Mr. Ladi Balogun; Firm Secretary/Normal Counsel, Mrs. Funmi Adedibu; a Director of the Group, Mrs. Olapeju Sofowora; Govt Director, Company Banking & Funding Banking of the Group, Mr. Olufemi Badeji, representatives of the Central Financial institution of Nigeria, Securities and Trade Fee in addition to leaders of shareholder Associations, have been current on the assembly.

Talking on the AGM, the Co-ordinator of Unbiased Shareholders Affiliation of Nigeria (ISAN), Sir Sunny Nwosu, praised the establishment for effectively working its affairs and the considerable progress recorded in key working areas.

In response to him, “FCMB is a good establishment and we’re glad that its worth is rising. The truth that it has been in a position to meet all its monetary obligations to its collectors is an excellent signal of energy. It additionally exhibits the seriousness of the administration to stay worthy of doing enterprise with. From the outcomes, it’s clear that the administration has accomplished its greatest to develop all of the subsidiaries, thereby contributing considerably to revenue and the general efficiency of the Group. We respect the outcomes and dividends declared by FCMB, whereas wanting ahead to many extra years of prosperity”.


Additionally commenting, the Nationwide Co-ordinator of Pragmatic Shareholders Affiliation of Nigeria Mrs. Bisi Bakare, acknowledged that, “we’re impressed by the digital transformation drive of FCMB which has impacted positively on customer support and monetary inclusion. We commend FCMB for the introduction of paperless and cardless transactions at branches and different contact factors. We’re additionally blissful that the Financial institution intervened to assist the federal government and Nigerians to ease the issues attributable to COVID-19 via varied assist. It’s also a factor of pleasure to see the Financial institution finishing up a number of actions to develop companies and empower Nigerians, particularly youths. The 2020 outcomes are a welcome improvement”.

The Nationwide Chairman, Progressive Shareholders Affiliation of Nigeria, Mr. Boniface Okezie, mentioned, “FCMB as a Group has accomplished so properly over time in each side of enterprise. The establishment is rising quickly with branches everywhere in the nation. It’s also performing properly when it comes to innovation, expertise and customer support. Revenue and dividend are quickly growing going by the 2020 monetary outcomes. The dividend fee of 15okay to shareholders is an excellent one within the midst of the tough state of affairs attributable to the COVID-19 pandemic. General, FCMB Group has accomplished excellently properly and we’re optimistic of a brighter future”.

Presenting the report for the 12 months ended December 31, 2020, the Chairman, Mr. Jadesimi, assured that FCMB Group is well-positioned to proceed to reach the years to return, even within the face of the COVID-19 pandemic. He attributed the optimism to the selections that the monetary establishment has revamped the previous few years, particularly these round leveraging new digital expertise, to increase entry to monetary transactions.

In response to him, ‘’the Board of Administrators has adopted a coverage that seeks to offer buyers with a steady and sustainable type of capital distribution, with consideration given to the expansion and capital necessities of the enterprise, thereby maximising long-term share worth for shareholders’’.

On his half, the Group Chief Govt of FCMB Group Plc, Mr. Ladi Balogun, reported that regardless of the difficult macroeconomic atmosphere, the Group grew revenue after tax by 13.4% to N19.7billion. He added that this improve had a direct correlation with earnings per share, which grew from 87 kobo in 2019 to 98 kobo in 2020, whereas return on common fairness additionally rose to 9.2% from 9%.

He acknowledged that, “our companies proceed to enhance with progress in different key indicators, similar to loans and advances 14.9% and complete property 23.4%. Buyer deposits grew by 33.3% to over N1.2 trillion with a big portion of the expansion coming from present and financial savings accounts. Our buyer base within the Group additionally elevated from 6.eight million to eight.Three million. Our funding administration companies elevated their property by 23% to nearly N500 billion on the finish of the 12 months’’.

Mr. Balogun additional reported that, “throughout the Group, our digital transformation gathered momentum, with the overall variety of web banking rising by 43% to six.6 million. Transaction volumes from cellular banking (App and USSD) grew by 74% in 2020. Our digital loans grew from N14.5 billion in 2019 to N54.6 billion on the finish of 2020. Innovation and effectivity beneficial properties would be the key pillars on which we search to lift our sport within the close to future. We anticipate that in 2021, we’ll proceed with the strides we now have made with our digital initiatives, as our expertise platforms and merchandise proceed to contribute to our efficiency and competitiveness. We are going to stay resilient and progressive in charting new avenues for progress. We may even stay dedicated to elevating the standard of lifetime of all our stakeholders’’.

Talking on the response of FCMB Group to the challenges of COVID-19, he disclosed that the monetary establishment contributed immensely to the efforts at combating the unfold of the pandemic and assuaging the pains of essentially the most susceptible members of the society by donating N250 million to the CACOVID initiative.

The Group Chief Govt added that, “we additionally supported state governments throughout the nation to offer testing, palliatives, varied medical objects, together with Private Protecting Tools and ambulances to help them successfully equip and safe well being employees. We additionally supplied catalytic assist for By this initiative, a million susceptible Nigerians had entry to meals in the course of the top of the federal government lockdown’’.

FCMB Group and its subsidiaries have persistently proved their mettle as resilient establishments with vital enchancment on all monetary fundamentals over time.

Amongst different outcomes for the 12 months 2020, the Group’s gross income elevated to N199.Four billion, a 10% improve from N181.Three billion achieved in 2019. The outcomes additionally confirmed enhanced prospects confidence in FCMB, as deposits grew by 33% to N1.3trillion from N943.1billion within the earlier 12 months. Loans and advances surged by 15% to N822.eight billion as at December 2020. Whole property of the Group elevated by 23% to N2.06 trillion final 12 months. Furthermore, FCMB Group’s web curiosity earnings was up by 20% to N90.eight billion for the total 12 months 2020 from billion in 2019. Non-interest earnings equally elevated to N37.eight billion, representing a 9% progress, as in opposition to N34.eight billion prior 12 months. The Group’s Property Underneath Administration (AUM) additionally sustained its progress trajectory by rising to N495.2 billion for the 12 months ended December 2020, up by 23%.

Equally, capital adequacy ratio remained steady at 17.7% for the retail and industrial banking subsidiary of the Group (that’s, First Metropolis Monument Financial institution). The capital adequacy ratio of 17.7% is above the benchmark set by the Central Financial institution of Nigeria for deposit cash Banks within the nation. Liquidity ratio of the Financial institution stood at 34.2% as on the finish of the monetary 12 months 2020, indicating that the monetary establishment is in a really wholesome place. Non-performing loans to complete loans ratio stood at a modest 3.3%.

Analysts have already expressed broadly optimistic views on FCMB’s 2020 monetary outcomes. An analyst described it as, “very encouraging”.

A monetary professional acknowledged that, “the 2020 outcomes of the Group is a transparent indication that the enterprise is on a stronger pedestal with capability to ship extra worth to shareholders, the market and different stakeholders”.

FCMB Group is a frontline monetary providers establishment in Nigeria with subsidiaries which might be market leaders of their respective segments. Having efficiently reworked to a retail banking and wealth management-led group, FCMB has continued to differentiate itself via innovation and the supply of remarkable providers.

Similar Articles


Most Popular

17 Kids Who Were Confused About Why Their Actions Made Their Parents Laugh So Hard

REvil ransomware is back in full attack mode and leaking data – BleepingComputer

A West Virginia city is taking a Tesla patrol car for a test drive – CNN