FCMB assures stakeholders of better performance …Shareholders approve N1.98bn dividend

In enhancing performance that would add significant value to stakeholders, FCMB Group Plc, has laid emphasis on strong capital, cost efficiencies, capital optimisation and accelerated growth in retail business.
The Group made this known at its third annual general meeting held over the weekend in Lagos, saying, its subsidiaries were well positioned to deliver cutting edge solutions that would provide the best customer experience in their respective target markets.
Also, shareholders of the Group unanimously approved the payment of a cash dividend of N1.98 billion, translating to 10 kobo per ordinary share, for the year ended December 31, 2015.
Speaking, the Chairman of FCMB Group, Dr. Jonathan Long, said, “Although 2015 posed many challenges for the Group, it was again possible for us to continue the development of our core banking franchise and to do so profitably.”
While, the Managing Director of FCMB Group Plc, Mr. Peter Obaseki, noted that the Group was focused on sustaining the momentum of its leading retail presence, saying the outlook for 2016 in terms of portfolio strategy is positive.
“As we seek to build more businesses in the retail space, we hope to fully launch a micro-finance business as a full subsidiary of the Group and seek opportunities to improve controlling participation in the pension fund industry; we expect our non-pension asset management and private trusteeship business to grow more steadily. A combination of these initiatives will reduce the pressure on the bank’s balance sheet and steer activities to less capital intensive businesses.”
Also speaking, the Group Managing Director/Chief Executive of First City Monument Bank Limited, Mr. Ladi Balogun, pointed out that the bank has moved swiftly and decisively to address the challenges that affected its financial results last year.
According to him, the lender’s performance this year is expected to be driven by improvements in operating efficiency and its retail banking drive, particularly in alternate channels, ATMs, POS and agent banking.
On behalf of shareholders, the coordinator of Independent Shareholders Association of Nigeria (ISAN), Mr. Sunny Nwosu, commended FCMB for its resilience, hoping that FCMB will perform better going forward.
By our Correspondent