FCMB Group’s 11th AGM to Highlight Record 2023 Financials, Chart Course for Future Growth

FCMB Group Plc is set to hold its 11th Annual General Meeting (AGM) at the Balmoral Convention Center, Federal Palace Hotel, Victoria Island, Lagos on Friday, May 24, 2024. The meeting comes on the back of the financial institution’s remarkable performance over the past year, as detailed in its recently released 2023 FY report.

The AGM will bring together board members and shareholders to discuss the company’s performance, future, and vote on key issues. The Board will also present strategic plans aimed at ensuring sustained growth and innovation, exceptional customer service, and enhanced shareholder value.

At the AGM, FCMB Group stakeholders are expected to delve into the 2023 financial year report, which highlights the institution’s resilience, robust financial health, and strategic achievements despite a challenging economic environment. In the report, the Group’s resilience in a tough economic year was showcased, as its gross earnings grew by 82%, reaching ₦516.4 billion, up from ₦283 billion in 2022. The Group achieved a profit before tax of N104.4 billion, marking an impressive 186% year-on-year (YoY) growth from the ₦36.6 billion reported in 2022. Additionally, the Group’s net interest income grew by 44.8%, from ₦122 billion to ₦176.6 billion in 2023. Contributing factors to the stellar performance will be highlighted during the meeting.

The FCMB Group’s 11th AGM promises to be a landmark event, celebrating past achievements while strategically laying the blueprint for the future. As the Group continues to grow and evolve, the insights and strategies discussed at the event are expected to propel it towards greater heights, ensuring its continued contribution to the overall economic development of Nigeria and enhanced value delivery to its shareholders.

FCMB Group Plc is a financial services group, with operating companies divided along four business groups: The Banking Group (First City Monument Bank Limited (‘The Bank’), FCMB Bank UK Limited and FCMB Microfinance Limited); Consumer Finance (Credit Direct Limited); Investment Banking (FCMB Capital Markets Limited and CSL Stockbrokers Limited); and Investment Management (FCMB Pensions Limited, FCMB Asset Management Limited and FCMB Trustees Limited). Listed on the Nigerian Stock Exchange (NSE) with the ticker symbol ‘FCMB’, FCMB Group Plc has 19.8 billion ordinary shares held by over 516,000 shareholders. The Group and its subsidiaries are building and driving an ecosystem that fosters inclusive and sustainable growth in their communities, primarily in Africa, its diaspora, and the United Kingdom.