FCMB shareholders approve N1.98bn dividend, laud performance

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Shareholders of First City Monument Bank Plc have unanimously approved the payment of a cash dividend of 10 kobo per ordinary share, which translates to N1.98 billion, for the year ended December 31, 2016.

Coordinator, Independent Shareholders Association of Nigeria, Sir Sunny Nwosu, said the Board and Management of FCMB Group, including those of its subsidiaries have done well in the area of efficiency and appreciable growth recorded in key operating areas.

Nwosu noted that the overall performance of the bank has been very good despite the economic recession during the year under review, adding that impressive rise in profitability and dividend payment are clear signs that the financial institution is resilient.

Also, National Chairman, Shareholders’ Trustees Association of Nigeria, Alhaji Mukhtar, said, “We are happy that FCMB has again risen to the occasion by delivering value to shareholders, while also showing a strong ability to adapt effectively and professionally to the dynamics of the business environment. We strongly believe that FCMB will continue to do perform better.’’

Meanwhile, Chairman of the bank, Dr. Jonathan Long, attributed the performance of the bank to the professionalism and commitment the financial institution brought to bear in its business and operations.

He said, “The realities of 2016 have been a good test of the resilience of the Bank’s turnaround programme commenced in 2015.’’

On the future outlook for the bank, he said, ‘’we have built a solid business model around retail and transaction banking to deliver sustainable profit growth, effective use of technology to boost efficiency, reduced risk appetite and a great customer experience. Lending activities will be focused and strategic, with emphasis on diversification of our portfolio.