FCMB Group Plc said it plans to bolster its capital through profit retention to enable it take advantage of growth opportunities expected in the economy in the course of the year.
The bank also declared N1.98 billion dividends, amounting to 10kobo per ordinary share of 50 kobo each the year ended December 31, 2017.
Addressing the shareholders at the fifth Annual General Meeting, AGM, in Lagos, the chairman, Mr. Oladipupo Jadesimi, said that the bank would continue to pursue its strategic objectives of strengthening the core commercial and retail banking businesses, investing in growing asset and wealth management activities, as well as pursuing micro enterprise opportunities in a more focused manner through FCMB Microfinance Bank Limited.
He assured that the Group is on a stronger pedestal and will continue to provide superior performance that would add significant value to stakeholders in a sustainable manner in spite of the challenging macroeconomic and regulatory environments.
He stated that “Inspite of the reduction in headline numbers, (the Group recorded profit after tax of N9.4 billion, a 34 percent reduction from N14.3 billion in 2016 and N169.88 billion gross earning as against N176.36 billion in the previous year),the Group’s performance was an improvement over the previous year after adjusting for the significant foreign exchange revaluation income enjoyed in 2016.”
Also speaking at the AGM, Mr. Ladi Balogun, Group Chief Executive Officer, FCMB Group Plc, said that the successful acquisition of majority (88.2%) stake in Legacy Pension Managers Limited will go a long way to help the bank achieve further diversification of service offerings and consequent earnings within the FCMB Group. He said: “ We see significant growth opportunities in the pension management industry in Nigeria as it is yet to achieve maturity and will support and facilitate strategic organic and inorganic growth initiatives that will position Legacy in the top-tier of its industry over the next few years”.