FCMB Group has released its 2017 financial year declaring a gross earnings of N169.8 billion as against N176.3billion recorded in 2016 As well it aired a Profit before tax of N11.4billion which failed sharply from N16.2billion posted in the previous year .
According to the result made available to the Nigerian Stock Exchange(NSE),its profit after tax came down to N9.4billion from a high of N10.2billion recorded in 2016,even as the group achieved a dividend yield of 10kobo which is equal to what it recorded in the previous year.
The board of the bank has recommended a dividend pay out of 10kobo .
FCMB was established in 1982, as a merchant bank, but began operations in August 1983. The bank was given a universal banking licence in 2000 and changed its name from First City Merchant Bank to First City Monument Bank. In 2004, the bank was converted to a public limited liability company and listed on the Nigerian Stock Exchange (NSE) in December that year.
The group recently completed the acquisition of an additional 60% stake in Legacy Pension Managers, bringing its total holdings to 88.2% and making the company a subsidiary of the FCMB Group.