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

FCMB Group Plc has reported a profit before tax, PBT, of N16.3 billion for the full-year ended December 31, 2016.

From the result, there 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 which grossly affected several banks and related financial institution within the period under review.