FCMB Dividend Rises 7% as FY 2020 Profit Jumps to N19.6bn

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By Dipo Olowookere

The board of FCMB Holdings Plc has increased the dividend payment for the 2020 financial year, the company’s audited results have revealed.

The lender wants to pay a final dividend of 15 kobo to shareholders, 7.14 per cent or one kobo higher than the 14 kobo paid in the previous accounting year.

On Friday, in a notice, it was stated that the FCMB dividend would be paid to shareholders whose names appear on the register of members as at the close of business on Thursday, April 8, 2021, will receive the cash reward on April 21, 2021, after it has been approved at the Annual General Meeting (AGM) fixed for the same day at First City Plaza in Marina, Lagos at 11.00am.

Business Post reports that in the year under review, the company grew its gross earnings to N199.4 billion from N181.3 billion, while the interest income increased to N151.0 billion from N137.5 billion, with the interest expense at N60.3 billion versus N61.5 billion in 2019 and the net interest income at N90.8 billion as against N76.0 billion a year earlier.

In the results, the bank said its fee and commission income slightly moved up to N30.2 billion from N29.7 billion, while the fee and commission expense was N10.6 billion in contrast to N9.0 billion in 2019, with the net fee and commission income at N19.6 billion compared with N20.7 billion.

FCMB said it recorded a net trading income of N7.1 billion versus N6.9 billion, while its personnel costs stood at N29.5 billion in contrast to N29.6 billion in 2019, with the general and administrative expenses reducing to N30.5 billion from N31.9 billion the previous year.

With other operating expenses gulping N16.8 billion in contrast to N8.7 billion in the corresponding period of 2019, the profit before tax of the firm closed at N21.9 billion compared with N20.1 billion, while the profit after tax increased to N19.6 billion from N17.3 billion.

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