FCMB Group Plc will seek shareholders’ approval to raise N150 billion capital at the group’s annual general meeting (AGM) scheduled for Friday, 24 May 2024.
The Group will also seek shareholders’ endorsement for the increase of the Company’s issued share capital from N9,901,355,390.50 divided into 19,802,710,781 ordinary shares of 50k each to N19,802,710,781.00 divided into 39,605,421,562 ordinary shares of 50k each by adding 19,802,710,781 ordinary shares, which will rank equally with existing shares but won’t be considered for dividends recommended for the year ended 31 December 2023.
Meanwhile, in its unaudited financial results for the first quarter of 2024, the Group post a pre-tax profit of N31.344 billion, marking a significant 193 per cent increase year-on-year
A cursory review of the results reveals that a combination of robust growth in interest income, driven significantly by lending activities, and substantial gains from foreign exchange transactions contributed to the group’s strong profitability during the period under review.
The group’s interest income surged by 89.85 per cent year-on-year to reach N125.388 billion, with interest income from loans and advances to customers playing a pivotal role, constituting 62 per cent of the total interest income.
