Directors of FCMB Group have announced N3.96 billion dividend payment of 20 Kobo per ordinary share to its shareholders.
The dividend was announced at the 9th Annual General Meeting (AGM) of FCMB Group Plc, attended physically and virtually by shareholders in Lagos.
The shareholders unanimously approved the dividend payout and commended the Bank’s impressive performance last year.
Significantly, FCMB Group recorded a 7 per cent growth in gross revenue to N212billion in 2021, an improvement on N198.4 billion in 2020. The Group achieved a profit before tax of N22.7 billion compared to N21.9billion the prior year. As a result, profit after tax rose by 7 per cent to N20.9 billion in 2021.
Presenting the report for the year ended December 31, 2021, the Chairman of FCMB Group Plc, Mr. Ladi Jadesimi, said decisions made over the past few years had fostered business diversification, which is driving the performance of Group operating companies in a challenging COVID-19 pandemic world.
According to Mr. Jadesimi, “in 2021, we progressed on the path of good governance, strengthened and improved it in alignment with our long-term strategy and highest international standards. This has increased the confidence of our shareholders, investors, and other stakeholders, in the business. We remain committed to enhanced earnings contribution from our Group of companies to deliver a sustainable revenue base going into 2022 and beyond.”
Group Chief Executive, FCMB Group Plc, Mr Ladi Balogun, said, “we continued to see traction in our digital-led strategy. Traditionally, we have been a platform – a group of companies providing our customers with various financial services. To fulfil our purpose, we must evolve to be more than a platform into an ecosystem of several platforms (our proprietary companies, funding, technological, channel distribution partners and agents) and customers to enable a fairer and more prosperous world. Technology will be essential in bringing this transition to reality, as will a renewed spirit of collaboration. We will shift our paradigm. Instead of seeing our biggest competitors as our industry rivals, we will ramp up our efforts and frontally tackle the real competition; poverty, underdevelopment and the barriers that hold back humanity’s potential, not only at home in Nigeria but throughout the continent of Africa and its diaspora. These are the biggest threats to our success that we must tackle. In so doing, we will elevate the quality of life for all stakeholders, including our customers, shareholders, employees, partners and the communities we serve”.
Speaking at the AGM, National Chairman, Progressive Shareholders Association, Boniface Okezie said, “we are very excited about the overall performance of FCMB Group in 2021. The increase in declared dividend from 15 Kobo last year to 20 Kobo this year is proof that the FCMB Group has a capable Board, Management and Staff who are getting things right”.
Also commenting, Mrs Oludewa Thorpe, National Secretary, National Co-ordinating Committee of Shareholders Association, said, “it is heartwarming that FCMB Group is empowering people and businesses, especially SMEs owned by women and youths”.
Similarly, Mrs Bisi Bakare, National Co-ordinator, Pragmatic Shareholders Association, commended the Group for taking advantage of the opportunities offered by technology to deploy products and services that are secure and convenient. She also congratulated the FCMB Group for its Corporate Social Responsibility strides and how well it is touching and transforming lives at scale”.
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