FCMB declares dividend pay-out of N2.97 billion to shareholders

First City Monument Bank Plc (FCMB) has approved the sum of N2.97 billion as a dividend to be paid to its qualified shareholders for the period ended 31st of December, 2020.

The breakdown of the lump sum shows that a dividend payment of 15 kobo per share will be paid on all the issued 19,802,710,754 ordinary shares of the company. Naijabusiness.com.ng can authoritatively reveal that the action is part of a unanimous decision reached at the firm’s Annual General Meeting.

Accordingly, only qualified shareholders whose names appear in the Register of Members at the close of business on 8th of April, 2021 will be considered. The major highlights of other decisions reached at the AGM include;

  • Three Board members (Directors) were re-elected during the AGM.
  • Directors and Auditors remuneration for the 2021 financial year were fixed.
  • Five persons were re-elected as members of the Audit Committee for the 2021 financial year.

Recall that FCMB had earlier reported a profit after tax of N19.6 billion in FY 2020, indicating an increase of 13.1% YoY. The gains were largely driven by the growth in its Net interest income of N90.8 billion and a reduction in personnel expenses over the period. Consequently, its earnings per share printed 98 kobo, advancing by 12.6% YoY, and a dividend of 15 kobo was proposed by the Board.

To deliberate on the financial performance for the year and other germane issues, the Bank held its 8th Annual General Meeting (AGM) on 21st of April, 2021 at First City Plaza, Marina- Lagos. As at the period of reporting this, the firm’s share price currently trades at N2.87.  For more information about the disclosure, click HERE