Stories by Amaka Ifeakandu
Lagos
Shareholders of FCMB group has approved total dividend payout of N4.950 billion. The amount translated to N0.25 kobo per every share held by shareholders before the closing of the register.
Addressing shareholders at the Annual General Meeting. The Chairman of the FCMB group, Jonathan Long said that the gross earnings of the group grew by 13 per cent to N148.637 billion from N130.995 billion recorded the preceding year.
The profit after tax increased by 38 per cent from N16.001 billion to N22.133 billion. The profit before tax also increased by 32 per cent to N23.87 billion from N18.116 billion posted in the comparable period of 2013. The group’s total assets grew by 16 per cent to N1.2 trillion while deposit increased by 37 per cent to N734 billion .He further said that group’s operating subsidiaries achieved progress during the year under review, stressing that Pre tax profit of the First City Monument Bank Limited rose by 26 per cent to N22.5 billion.
The retail banking divisions of FCMB Limited contributed a PBT of N4.1 billion or 18 per cent of FCMB Limited’s total profits, up from N1.8 billion for the previous year. aindividuals increased 14 per cent Year-on-Year (YoY) to N166 billion, representing 22 per cent, of the bank’s deposits,
The FCMB Capital Market Limited profit before tax grew by 142 per cent to N1.0 billion, reflecting an exceptional surge in advisory fees. The CSL Stockbrokers Limited continued gain market share and grew profit before tax by 85 per cent to N307. 7 million while CSL Trustees Limited contribute profit of N54.2 million in its first year under the group.
