FCMB’s posts N176.4 billion gross revenue, N14.3b PAT

…..declares 10k dividend
FCMB Group Plc has posted gross revenue of N176.35 billion and Profit After Tax (PAT) of N14.3 billion in its 2016 operations.

Specifically, the bank’s audited result for the period ended December 31, 2016 showed 16 per cent rise in revenue to N176.35 billion from N152.51 billion achieved in the previous year.

Similarly, PAT also increased from N4.8 billion in 2015 to N14.3 billion during the year under review. Profit Before Tax (PBT) stood at N16.3 billion, representing 109 per cent increase, when compared to the N7.8 billion recorded in the corresponding period in 2015.

Based on the improved performance, the directors of the bank are recommending a dividend of 10 kobo per share due to every shareholders of the bank.

The bank’s non-interest income grew to N47.7 billion, against N25.6 billion in 2015. According to the bank, this was mainly driven by N29.3 billion in foreign exchange revaluation gains.

Loans and advances rose by 11 per cent, from N593 billion in 2015 to N660 billion in 2016. Total assets increased marginally by one per cent from N1.16 trillion to N1.17trillion.