2017.
It also reported a rise in profit before tax rose by 73 per cent to
N18.4 billion, against N11.5 billion in the preceding year, while it has
already recommended a dividend of 14 kobo per share to shareholders.
The Group, a holding company, is divided along three business groups-
Commercial and Retail Banking, comprising First City Monument Bank
Limited, Credit Direct Limited, FCMB (UK) Limited and FCMB Microfinance
Bank Limited.
The second is Investment Banking- FCMB Capital Markets Limited and
CSL Stockbrokers Limited, while the third is Asset and Wealth
Management, comprising FCMB Pensions Limited, First City Asset
Management Limited and CSL Trustees Limited. All reported appreciable
growth in key operating areas going by the audited results.
Net interest income, as at the end of 2018, rose by three per cent
year-on-year to N72.6 billion, as deposits also increased by 19 per cent
year-on-year to N821.7 billion, demonstrating enhanced confidence of
customers in the brand.
Total assets in the period under review, went up by 21 per cent to
N1.43 trillion, just as capital adequacy ratio was 15.9 per cent, while
loans and advances stood at N633 billion.
An analysis of the business groups’ contributions showed that
Commercial and Retail Banking Group grew its profits by 76 per cent,
driven by improved performance in retail lending and increase in fees
and commissions.
“Our banking franchise continued to grow as reflected by a 19 per
cent rise in deposits and our customer base also grew by 20 per cent to
4.8 million customers’,” the bank said in a statement.
Also, the pre-tax profits of its Investment Banking businesses grew
by 18 per cent in 2018, driven by higher conversion of our investment
banking deal pipeline, as well as cost efficiency, with the stockbroking
business maintaining its position as a top-tier player in its
sub-sector.
The Asset and Wealth Management businesses increased combined assets
under management by 24 per cent to over N310 billion and grew pre-tax
profits by 271 per cent despite reduction in fees charged by pension
fund administrators by the primary regulator.
The Group also acquired additional shares in FCMB Pensions Limited
(formerly Legacy Pensions Limited) to increase its stake from 88.2 per
cent to 91.6 per cent in 2018.
‘’2019 should see continued growth along all key indices for the
Group, driven by anticipated growth in our balance sheet, customer
numbers and assets under management, as well as rising commissions and
improving unit economics from digital financial services,” the bank
added.
FCMB
Group Plc has posted a gross revenue of N177.4 billion, for the
financial year ended December 31, 2018, an increase of 4.3 per cent
compared to the N169.9 billion for the same period in Pages
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