FCMB grows profit by 109% to N16.3bn in 2016


This is an increase of 109 per cent, compared to the N7.8 billion posted in the same period in 2015. Profit after tax also rose to N14.3 billion as against N4.8 billion in prior year. Following these, the financial institution has recommended a dividend of 10 kobo per share to shareholders.

FCMB Group which is the holding company of First City Monument Bank (FCMB) Limited, FCMB Capital Markets Limited, CSL Stockbrokers Limited and CSL Trustees Limited, also reported a number of appreciable growths in key operating areas going by the audited results.

Gross revenue as at the end of December 2016 was up by 16 per cent to N176.35 billion from N152.51 billion in the previous year.

This was in spite of the challenging macroeconomic environment and other regulatory factors.

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.


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