Connect with us

Banking

FCMB Keeps Dividend at 14 Kobo as Post-Tax Profit Hits N17bn

Published

on

FCMB Headquarters

By Dipo Olowookere

The board of FCMB Plc has recommended the payment of 14 kobo as dividend for the year ended December 31, 2019, the same amount paid in the prior year.

The lender, in the financial statements filed to the Nigerian Stock Exchange (NSE) today, stated that the cash reward was subject to approval of shareholders at the Annual General Meeting (AGM) as well as a 10 percent withholding tax.

During the year under review, the bank recorded N181.3 billion as gross earnings, higher than N177.3 billion over the same period of 2018.

Also, the interest income was N137.5 billion in contrast to N131.7 billion in FY18, while the interest expense was N61.5 billion, higher than N59.1 billion a year earlier, with the net interest income closing at N76.0 billion versus N72.6 billion in the previous year.

According to the results, fee and commission income brought in N29.7 billion into the company’s coffers, higher than N28.0 billion 12 months earlier, while it recorded N9.0 billion for fee and commission expense in the 2019 fiscal year, higher than N6.4 billion in the corresponding period of 2018. As a result, the net fee and commission income/expense dropped to N20.7 billion from N21.6 billion.

FCMB said in the 2019 earnings status that it had a net trading income of N6.9 billion compared with the N6.2 billion it recorded in 2018 and generated N4.1 billion from other revenue, lower than N9.9 billion in the previous year, while the other income dropped to N1.2 billion from N1.9 billion.

During the year, personnel expenses jumped to N29.6 billion from N25.9 billion, while general and administrative expenses gulped N31.9 billion in FY 2019 as against N29.7 billion in FY 2018, with other operating expenses taking away N8.7 billion from the purse of the financial institution, lower than N18.0 billion a year earlier.

At the close of business on December 31, 2019, FCMB made a profit before tax of N20.1 billion compared with N18.4 billion at December 31, 2018, while the profit after tax increased to N17.3 billion in FY19 from N15.0 billion in FY18.

From the financial status of FCMB analysed by Business Post, its total assets grew to N1.7 trillion from N1.4 trillion, while the total liabilities increased to N1.5 trillion from N1.3 trillion.

Also, loans and advances to customers moved up to N715.9 billion from N633.0 billion, investment securities rose to N239.9 billion from N235.9 billion, deposits from customers improved to N943.1 billion from N821.8 billion, borrowings increased to N133.3 billion from N108.7 billion, while retained earnings jumped to N34.2 billion from N29.0 billion.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

Banking

Applications Open for GTCO ‘Take on Squad’ Hackathon 3.0

Published

on

Squad logo

By Dipo Olowookere

Tech enthusiasts interested in participating in the Take on Squad Hackathon, organised by Guaranty Trust Holding Company (GTCO) Plc, can now enter the contest via the official portal at https://squadco.com/hackathon.

The programme enters its third edition in 2026, and the theme for this year is Smart Systems: The Intelligent Economy, according to a statement issued by the organisers.

The hackathon brings together developers, designers and entrepreneurs across Nigeria in a collaborative environment to build practical solutions across key sectors, including financial services, healthcare, commerce and digital inclusion.

Participants are challenged to design and build intelligent, data-driven solutions that transform how communities engage with money.

It is part of the organisation’s commitment to fostering innovation, empowering talent, and supporting the development of technology-driven solutions that address real-world challenges across Africa.

 “Today’s dynamic, digitally driven world demands continuous innovation, which is shaping how economies grow, how businesses scale, and how societies evolve.

“Through Take on Squad Hackathon, we are deliberately investing in the ideas and talent that will define the future.

“Our objective is not simply to encourage innovation, but to enable its translation into scalable solutions that deliver real and measurable impact.

“This reflects GTCO’s role as a financial services platform that connects capital, capability, and creativity to drive sustainable progress,” the Managing Director of HabariPay, Ms Eduofon Japhet, stated.

The social coding event remains a cornerstone of HabariPay’s mission to foster creativity and problem-solving among emerging tech talents. Competing teams will leverage Squad’s advanced APIs to create scalable digital tools that address everyday challenges faced by businesses and individuals.

Through initiatives such as this, GTCO continues to position itself at the intersection of finance, technology and enterprise, actively shaping the future of digital transformation in Africa.

Continue Reading

Banking

Easter: Ecobank Assures Customers Uninterrupted Banking Services

Published

on

Ecobank Remodel branches

By Dipo Olowookere

Banking services will not be interrupted throughout the Easter public holidays, from Friday, April 3, to Monday, April 6, 2026, for any reason, Ecobank Nigeria has assured its customers.

In a message over the weekend, the member of Africa’s leading pan-African banking group, Ecobank Transnational Incorporated, said customers would continue to enjoy quality service delivery during the period.

It noted that its secure and robust digital platforms would remain fully operational to support financial activities during the festive period.

All digital channels, including the Ecobank Mobile App, Ecobank Business App, USSD *326#, Ecobank Online, OmniPlus, Omnilite, EcobankPay, Ecobank Cards, ATMs, PoS terminals, and over 35,000 Ecobank Xpress Point agent locations nationwide, will remain accessible throughout the holiday, the financial institution further said, urging customers to conveniently conduct transactions at any time using this wide range of digital solutions.

Ecobank customers were encouraged to maximise the bank’s alternative channels for transfers, bill payments, airtime purchases, card services, and account management.

They were also advised to stay vigilant by shopping only on trusted websites; avoiding the sharing of PINs, passwords, and one-time passwords (OTPs); refraining from banking on public Wi-Fi networks; being cautious of urgent or emotionally charged messages; and regularly monitoring their account activity.

“Customers will continue to enjoy a full bouquet of services during the holiday, including local and international funds transfers, bill payments, airtime top-ups, merchant payments, balance enquiries, account statements, and cardless cash withdrawals via ATMs,” the Head of Products & Analytics, Consumer & Commercial Banking at Ecobank Nigeria, Mr Victor Yalokwu, stated.

“We understand that festive seasons come with increased financial activity, and our priority is to ensure our customers enjoy fast, reliable, and secure banking wherever they are.

“Our digital channels are designed to support uninterrupted transactions, and we have strengthened our systems to guarantee optimal performance throughout the Easter break,” he added.

Mr Yalokwu noted that, “Ecobank remains committed to providing innovative financial solutions and exceptional customer service. We wish all our customers and partners a peaceful and joyful Easter celebration.”

Continue Reading

Banking

Polaris Bank to Limit Access to VULTe for Four Days

Published

on

Polaris Bank Fashion Souk

By Dipo Olowookere

Customers may have difficulty accessing the digital platform of Polaris Bank, known as VULTe, during the Easter holidays from Friday, April 3, to Monday, April 6, 2026.

This is because the financial institution is carrying out system maintenance on the platform in its effort to ensure users enjoy a better banking experience.

In a notice over the weekend, the lender said “access to VULTe may be limited,” but it provided an alternative, which is the PolarisXperience.

Polaris Bank, which expressed regret over “any inconvenience” this action may cause its customers, said the “scheduled system maintenance” would happen from 10 pm to 8 am daily, promising that normal service would return after the maintenance.

“In continuation of our commitment to delivering a seamless and improved banking experience, we will be conducting a scheduled system maintenance during the Easter holidays.

“During this period, access to VULTe may be limited. We have provided an alternative channel, PolarisXperience:

“Please go to our website to onboard or use it as an existing user. You can also use this link: (https://elogin.polarisbanklimited.com).

“We regret any inconvenience and appreciate your understanding. Normal service will resume after the maintenance,” parts of the notice seen by Business Post read.

Continue Reading

Trending