The FCMB Group Plc has released its financial results for the year ended, December 31, 2020, which showed that despite the challenges posed by COVID-19, the group’s gross revenue increased to N199.4 billion, a 10 percent increase from N181.3bn achieved in 2019.
The positive performance of the financial institution also manifested in profit before tax, which rose to N22bn as against N20.1bn for the same period previous year.
Following this, the Financial Services Group has declared a dividend of 15k per share to shareholders, compared to14 kobo per share in 2019.
The financial results showed enhanced customers’ confidence in the FCMB as deposits grew by 33% to N1.3 trillion from N943.1bn in the previous year.
Loans and advances surged by 15% to N822.8bn as at December 2020. Also, the total assets of the group increased by 23% to N2.06tr last year.
Similarly, FCMB’s net interest income rose by 20 per cent to N90.8bn for the full year, 2020 from N76.0bn in 2019. Non-interest income equally increased to N37.8bn, representing 9% growth as against N34.8bn prior year.
The group’s Assets Under Management (AUM) also sustained its growth trajectory by rising to N495.2bn for the year ended, December 2020, up by 23%.
