FCMB PROFITS UP BY 154%

By Udeme Ekwere
Published: Wednesday, 8 Oct 2008
First City Monument Bank Plc has recorded a 154 per cent increase in its profit after tax for the financial year ended April 30, 2008.

The bank’s post tax profit stood at N15.10bn up from N5.25bn recorded in the similar period of 2007. Its gross earnings for the year under review also rose to N52.82bn from N24.97bn in 2007, representing an increase of 112 per cent.

Speaking at the company’s 25th Annual General Meeting in Lagos on Tuesday, the Chairman of the bank, Mr. Jonathan Long, attributed the impressive performance of the company to management commitment to growing shareholder value.

“We have delivered impressive financial results and I believe that we have met the earlier promises made to you during the period under review, while at the same time achieving the crucial strategic objectives which the management had set for itself.”

The bank also declared a total dividend payout of N8.1bn, translating to a 50 kobo dividend per every 50 kobo share, held by shareholders registered in the books of the bank as at September 19, 2008.

“We are confident that we will continue to operate in a stable and encouraging business environment and that as a bank, we are well positioned to expand further, whilst maintaining our tradition of excellence,” he stated.

Long expressed the bank’s commitment to continue to pursue new business openings that were capable of generating sustainable growth for the bank in the coming years.

The company’s Earnings Per Share has also increased by 115 per cent from 63 kobo in 2007 to 135 kobo, while its total assets grew by 78 per cent to N467bn up from N263bn recorded in 2007.

Also speaking at the event, the Chief Executive Officer of the bank, Mr. Ladi Balogun, said that the company remained focused on attaining market leadership in the areas of investment banking, consumer banking and transaction banking.

“We have successfully established a formidable distribution network, with 140 branches and over 1,000 sales agents and comprehensive product set with wealth management being inaugurated in 2008. This points to our ability to sustain a robust and rapid growing earnings which we expect to maintain,” he said.

He said the bank would be inaugurating its wealth management offering which was bound to take the company by leaps and bounds in the coming years