Business

FCMB Group’s gross revenue increases to N199.4 billion

FCMB Group Plc has recorded impressive growth for the year ended December 31, 2020.

The audited results showed that the financial institution remained resilient and improved significantly on market fundamentals despite the challenges of covid-19 and other tough conditions.

In 2020, FCMB Group’s gross revenue increased to N199.4 billion, a 10 per cent increase from N181.3 billion achieved in 2019. The positive performance of the financial institution also manifested in profit before tax, which rose to N22billion as against N20.1 billion for the same period prior year.

Following this, the leading financial services Group has declared a dividend of 15k kobo per share to shareholders compared to14 kobo per share in 2019.

 

The financial results showed enhanced customers’ confidence in FCMB, as deposits grew by 33 per cent to N1.3 trillion from N943.1billion in the previous year.

Loans and advances surged by 15 per cent to N822.8 billion as at last December 2020.

Also, the total assets of the Group increased by 23 per cent to N2.06 trillion last year.

Moreover, FCMB Group’s net interest income rose by 20 per cent to N90.8 billion for the full year 2020 from N76.0 billion in 2019. Non-interest income equally increased to N37.8 billion, representing a nine per cent growth, as against N34.8 billion prior year.

The Group’s Assets Under Management (AUM) also sustained its growth trajectory by rising to N495.2 billion for the year ended December 2020, up by 23 per cent.

Please follow and like us:
Previous ArticleNext Article

Leave a Reply

Your email address will not be published. Required fields are marked *