FCMB Group Records N188bn Revenue (Income), Grows Profit to N20.1bn – An announcement made by the FCMB Group Plc just highlighted that their gross revenue as at the end of the year 2019 increase by 9% (N20.1 billion). At the end of 2018, the Group’s gross income was N177.2 billion. At the end of 2019 which was 31st December, FCMB 9% increase gave them a gross revenue of N188 billion.
After the announcement, FCMB Group Plc has now proclaimed a premium of 14 kobo/share to shareholders.
The growth of the group was made possible considering the following:
Deposits growth – N863.4 billion in September 2019 and grew to N943.1 billion in December 2019.
Loans and Advanced Disbursed – N638.1 billion in September 2019 and grew to N715.9 billion in December 2019.
Total Assets – N1.52 trillion in September 2019 and grew to N1.67 trillion in December 2019.
Speaking on outstanding growth, the group said:
“Post-tax profits increased by 16% to N17.3 billion, this translates to a return on average equity (RoAE) of 9% and earnings per share of 87.2 kobo, an improvement on 8.1% and 75.2 kobo, respectively, in 2018”.
“Our businesses continue to improve with growth in other key indicators, such as loans and advances, deposits and assets under management (AUM), which grew by 13.1%, 14.8% and 28.3%, respectively. Our customer base also grew by 27.7% across the Group from 5.3 million to 6.8 million. Overall, customer satisfaction has shown positive trends, with a net promoter score of 31 in banking and 23 in asset management. Asset quality has continued to improve, with the Group-wide NPL ratio coming down to 3.7% from 5.9%. Similarly, capital adequacy ratio has remained stable at 17.2% for our Commercial and Retail Banking Group”.