FCMB profit rises, customer deposits hit N1.26trn

FCMB Group Plc has reported a profit after tax of N19.61 billion for the 2020 financial year, 13.09 percent higher than the profit posted a year earlier.

The financial holding company said its profit before tax rose to N21.91 billion last year from N20.13 billion in 2019.

Loans and advances to customers increased to N822.77 billion from N715.88 billion while deposits from customers jumped to N1.26 trillion from N943.09 billion, according to its audited financial statements released on Friday.

FCMB’s Board of Directors recommended a cash dividend of 15 kobo per issued and paid-up ordinary share for the year ended Dec. 31, 2020, up from 14 kobo in 2019.