FCMB customers deposit declines by N42.6bn in 2016

 

 

FCMB Group has announced a declined of N42.607 billion in its deposits from customers during the 2016 financial year.
The lender’s in its consolidated and separate statements of financial position for the year ended 31 December 2016 released to the Nigerian Stock Exchange (NSE) in Lagos shows that, deposits from it customers dropped by 6.08 percent when compared with N700.216 billion received from customers in 2015 financial year to stand at N657.609 billion at the end of current financial year.
In the same vein, FCMB Holdings’ employees declined from 4,143 it reported in 2015 to 3,485 at the end of 2016 period, this indicated that 658 employees represented 15.88 percent were disengaged/retired.
However, FCMB Group reported an increase of N23.844 billion or 15.63 percent in gross earnings from N152.508 billion recorded in 2015 to close 2016 financial year with N176.352 billion.
The group’s profit after tax rose by N9.578 billion, from N4.761 billion to end 2016 at N14.339 billion. This is an increase of 201.18 percent.
Loans and advances of the bank increased by 11.29 percent, translated to N66.98 billion during the year under review, from N592.957 billion in 2015 to N659.937 billion in 2016.
It’s retained earnings stood at N32.458 billion at the end of 2016 financial year as against N17.181 billion retained in 2015 financial year.
It earnings per share rose by 200 percent (0.48 kobo) from 0.24 in 2015 to 0.72 kobo in 2016.
Total non-performing loans and advances stood at N25.475 billion as against N25.372 billion, while total non-performing loans to total gross loans and advances dropped to 3.74 percent from 4.15 percent recorded in 2015 financial year.
The board of directors recommended a cash dividend of 10 kobo per issued and paid up ordinary share for the year ended 31 December 2016. This is subject to approval at the annual general meeting. Payment of dividends is subject to withholding tax at a rate of 10 percent in the hand of recipients.