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FCMB assures shareholders higher returns

By on April 18, 2015

The Managing Director of  FCMB Group Plc, Mr. Peter Obaseki has said through operational efficiency and value creation,the company will  ensure increased return on investment to all shareholders in 2015 financial year and beyond.
He gave this assurance while speaking at the company’s ‘facts behind the figures’ at the Nigerian Stock Exchange (NSE) in Lagos on Wednesday.

He said although 2015 financial year would be a difficult year one as result of naira depreciation and the drop in oil prices at the international markets,  he added that FCMB  Group would be committed to cost optimisation and efficiency to increase shareholders value.

“In 20 years we have operated, we have seen economic cycle, the boom and the burst but we have demonstrated resilience which shows we can adapt to Nigerian financial environment,” Obaseki  said.

He stated that the group would embrace new business opportunities and ensure reduction in cost of capital for value creation.

According to him,  FCMB  Group was one of the only two financial institutions in the country permitted to have a pension fund administrator subsidiary by Central Bank of Nigeria (CBN).

“With 28 per cent in a PFA, we are uniquely positioned to tap into the huge PFA opportunity, currently growing at 14 per cent per annum, with total asset under management  of N4.6 trillion,” he said.

Speaking in the same vein, the Managing Director, First City Monument Bank Limited, Mr. Ladi Balogun,  said that the bank would remain focused in maintaining its retail banking leadership. He  said that the bank would emerge as one of the most relevant financial services brands in the country.

According to Balogun, bank would acquire 50,000 new customers and as well dispense 20,000 new loans every month.

The group posted a 32 per cent increase in a profit before tax (PBT) for the full-year ended December 31, 2014.

FCMB Group posted an impressive performance in 2014, ending with growth of 32 per cent in profit. The retail banking divisions of FCMB Limited contributed a profit before tax  of N4.1 billion or 18 per cent of FCMB Group  profits, up from N1.8 billion for the previous year. Deposits received from individuals increased 14 per cent  to N166 billion, representing 22 per cent, of the bank’s deposits, while loans issued to individuals increased 32 per cent to N126 billion, representing 20 per cent of total bank credits.

As FCMB Limited’s franchise grew in acceptability in the retail market,  the company acquired over 500,000 new customers in 2014 and  supported over 278,518 borrowing customers during the year with consumer loan disbursements.

 

[ThisDay]