FCMB Approves 2020 Financial Accounts

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    … Peter Obaseki retires

    Board of the First City Monument Bank, FCMB, Group on Friday approved the bank’s Audited Financial statements for the year ended December 31, 2020, as a member of its board, Peter Obaseki retires, effective from March 1st, 2021.

    These developments emerged after the meeting of the Board held on Friday, according to the statement endorsed by Olufumilayo Adebibu, the company Secretary.

     

    The Management and Board of First City Monument Bank, FCMB, Meeting which has Yemisi Edun, a female as Acting Managing Director for the first time at the Board of Directors’ meeting of FCMB Group Plc held on Friday, February 26, 2021, to approve the group’s Audited Financial statements for the year ended December 31, 2020. As well as payment of dividends subject to the approval of the Central Bank of Nigeria, CBN”, stated the Coy Secretary.

     

    Adebibu further stated that the board also approved the appointment of an Independent Non-executive director, subject to the CBN approval. He however, did not give the name of the new board appointee.

     

    The Board also considered and approved the appointment of an Independent Non exclusive Democrat, subject to the CBN approval. The retirement of Peter Obaseki from the Board of the company effective March 1st, 2021 was also accepted by the Board.”

    The Company Secretary further said,  “Details of the results and the dividends payment, as well as related corporate actions shall be to the exchange upon obtaining approval of the CBN.”

     

    The subsidiaries of FCMB Group, who are market leaders in their respective segments, also performed satisfactorily within the six months period. The Commercial and Retail Banking arm (comprising First City Monument Bank Limited, FCMB UK, Credit Direct Limited and FCMB Microfinance Bank) reported a 42.9% Year-on-Year increase in PBT. This was due to an increase in net interest income, fixed income instruments, trading income and foreign exchange income. PBT also improved by 4.1% Quarter-on-Quarter due to an increase in fixed income instruments, trading income and FX Income, as well as a decrease in expenses due to operational efficiency.

     

    Corporate & Investment Banking (comprising the Corporate Banking Division of the Bank, FCMB Capital Markets Limited and CSL Stockbrokers Limited) saw its performance improve Quarter-on-Quarter. This was driven by an increase in net interest income and non-interest income. CSL Stockbrokers returned to strong and sustainable profitability, moving from a PBT of N18 million in half year 2019 to N201million in half year 2020, representing a 1034% Year-Year growth.

     

    Investment Management (comprising FCMB Pensions Limited, FCMB Asset Management Limited and FCMB Trustees Limited) grew its Assets Under Management (AUM) by 7% Quarter-on-Quarter and 28% Year-on-Year to N455 billion. The growth in AUM reflects the increasing effectiveness of product sales strategy, which leverages the FCMB Group’s distribution strength and digital innovation. The Group’s Pensions business contributed 75% of half year 2020 AUM, compared with 83% within the same period in 2019. Other business lines accounted for 53% of the N99 billion Year-on-Year growth in AUM.

    Analysts are of the opinion that with this impressive performance despite the challenging operating environment, FCMB Group is on a stronger pedestal to sustain its leading position in the financial industry and the Nigerian economy.

     

    Over the years, the institution has created tremendous opportunities and added significant value to customers, shareholders and other stakeholders through innovation and its customer-focused approach anchored on its culture of excellence.

     

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