Shareholders Commend FCMB’s Performance In 2016
Shareholders of FCMB Group Plc have applauded the financial institution for its resilience, dynamism and the enhanced performance recorded last year despite the challenging operating environment.
The shareholders, who gave the commendation at the fourth Annual General Meeting (AGM) of the Group in Lagos at the weekend, also approved the payment of a cash dividend of 10 kobo per ordinary share, which translates to N1.98 billion, for the year ended December 31, 2016.
Commenting on the company’s performance for 2016, the Coordinator of Independent Shareholders Association of Nigeria (ISAN), Mr Sunny Nwosu, saluted the board and management of FCMB Group, including those of its respective subsidiaries, for efficiently running its affairs and the appreciable growth recorded in key operating areas.
He stated that, “The overall performance has been very good despite the recession the economy went through during the year under review.’’
He added that, “The impressive rise in profitability and dividend payment are clear signs that FCMB is resilient, on a stronger footing to overcome the difficult business environment and continually meet the expectations of shareholders and other stakeholders. Overall, we are satisfied with the performance.’’
Addressing shareholders, the chairman of FCMB Group, Dr. Jonathan Long, represented by a Director, Mr Bismarck Rewane, attributed the performance recorded last year to the professionalism and commitment the financial institution brought to bear in its business and operations.
According to him, the Group has shown itself, capable of weathering the storm and I am confident that the year ahead will prove to be no exception.
The new group chief executive of FCMB Group, said that the realities of 2016 have been a good test of the resilience of the Bank’s turnaround programme commenced in 2015.
He pointed out that, across most indices, the Group have recorded progress and intend to stay this course in 2017.
These include a stronger balance sheet, accelerated market share in retail banking, enhanced customer experience as a means of growing customer base, alternate channels penetration, support to businesses, containment of operating expense, among others.
On the future outlook, Balogun, informed that, “We have built a solid business model around retail and transaction banking to deliver sustainable profit growth, effective use of technology to boost efficiency, reduced risk appetite and a great customer experience. Lending activities will be focused and strategic, with emphasis on diversification of our portfolio. We will also improve employee productivity, while growing the proportion of customers that use our digital channels.’’
