Lagos, Nigeria – The shareholders of FCMB Group Plc have given their nod to a proposed N150 billion capital raising and a dividend payout of N9.9 billion for the financial year ended December 2023. The approvals were granted at the 11th Annual General Meeting (AGM) held in Lagos last week.
Capital Raising to Meet CBN’s Minimum Requirement
The capital raising, proposed by the Board of Directors, is aimed at meeting the new minimum capital requirement set by the Central Bank of Nigeria (CBN). The move is expected to position FCMB Group Plc for sustainable growth and competitiveness in the banking industry.
Dividend Payout Reflects Strong Financial Performance
The approved dividend payout of N9.9 billion represents a significant increase from the previous year, reflecting the company’s strong financial performance. According to the financial results presented at the AGM, post-tax profits rose by 198.8% to N93.0 billion, with a Return on Average Equity (ROAE) of 25.2% and Earnings Per Share (EPS) of N4.70 kobo.
Loan Book and Customer Deposits Show Significant Growth
The company’s loan book grew by 54% to N1.84 trillion in December 2023, while customer deposits increased by 58.5% to N3.08 trillion. This demonstrates the company’s ability to attract and retain customers, as well as its commitment to supporting businesses and individuals through lending.
Chairman and CEO Reaffirm Commitment to Good Governance and Strategy
Addressing shareholders, Chairman, FCMB Group, Mr. Oladipo Jadesimi, reiterated the company’s commitment to good governance and its long-term strategy. “We continued to move forward on the path of good governance, improving our practices and bringing them into line with our long-term strategy and with the highest international standards,” he said.
Chief Executive Officer, FCMB Group, Mr. Ladi Balogun, attributed the company’s performance to the dedication and professionalism of its staff and the resilience of its operating companies. “Despite the challenging business landscape, our performance in 2023 was sustained by the dedication and professionalism of our talented staff and the unwavering resilience exhibited by each of our operating companies,” he said.
In Essence
The approvals granted by FCMB Group Plc shareholders demonstrate their confidence in the company’s leadership and strategy. With a strong financial performance and a commitment to good governance, FCMB Group Plc is poised for continued growth and success in the banking industry.
