FCMB Approves N0.15k as Final Dividend for 2020 Financial Year

Shareholders of FCMB Group Plc on Wednesday 21, April 2021 approved a final dividend of N0.15 kobo per every 50 kobo ordinary share, translating to N2.7 billion for the financial year ended December 31, 2020.

The amount approved was 1 kobo higher than the 14 kobo declared in 2019.

The bank’s shareholders gave the approval at the 8th annual general meeting of the group which held at First City Plaza, 44 Marina in Lagos.

Speaking on the lender’s performance for the year, Oladipupo Jadesimi, the Chairman, FCMB Group, said the bank was well positioned to continue to succeed in the years to come, even as the world continues to struggle with the COVID-19 pandemic.

Jadesimi attributed the optimism to a series of decisions made by the bank to leverage new digital technology to expand access to financial transactions.

“Board of directors has 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,” he said.

Despite COVID-19 and a tough operating environment, FCMB grew profit after tax by 13 percent to N19.7 billion in 2020.

According to the Group Chief Executive, FCMB Group Plc, Mr Ladi Balogun, this had a direct effect on the bank’s earnings per share, which rose from 87 kobo in 2019 to 98 kobo in 2020.

He stated, “Our businesses continue to improve with growth in other key indicators, such as loans and advances 14.9 per cent and total assets 23.4 per cent.

“Customer deposits grew by 33.3 per cent to over N1.2tn with a large portion of the growth coming from current and savings accounts.”