FCMB Group Posts ₦7.1 Trillion in Assets, Declares Dividend at 12th AGM Amid Strong FY 2024 Performance
At the recently held 12th Annual General Meeting of FCMB Group Plc in Lagos, shareholders endorsed the company’s robust performance for the 2024 financial year. Key resolutions were passed to support governance and future growth strategies, including board elections and auditor remuneration. A final dividend of ₦0.55 kobo per share was approved, underscoring the Group’s consistent value delivery to shareholders.
FCMB reported total assets of ₦7.1 trillion and customer deposits reaching ₦4.3 trillion. Its digital transformation drive delivered strong results, with digital revenues accounting for 13% of gross earnings at ₦101.9 billion. Lending activities increased significantly, particularly to SMEs, agriculture, and women-owned enterprises—clear signs of FCMB’s continued emphasis on inclusive economic development.
Non-banking subsidiaries contributed meaningfully to profitability, with Investment Management’s Assets Under Management rising 35% year-on-year to ₦1.4 trillion. Capital Markets also posted strong growth, with gross earnings and profit before tax increasing 57% and 62%, respectively. This diversification reinforces the Group’s resilience amid broader economic uncertainties.
Chairman Oladipupo Jadesimi and Group CEO Ladi Balogun both expressed confidence in FCMB’s strategic direction. Balogun highlighted the role of digitisation, AI, and ecosystem partnerships in shaping the Group’s future, while Jadesimi emphasised sustainability, long-term shareholder value, and institutional impact as central to FCMB’s mission.
The Group also detailed its recapitalisation roadmap, including a ₦22.5 billion convertible note pending CBN verification and upcoming equity offers. These steps are aimed at ensuring First City Monument Bank meets the capital threshold required to retain its International Banking License before the March 2026 deadline, further cementing FCMB’s position as a forward-looking financial powerhouse.