LAGOS - This Monday, First City Monument Bank (FCMB) Plc held its 29th Annual General Meeting (AGM) with shareholders. FCMB says, “in order to achieve a major improvement in profitability and ensure non-recurrence of declines experienced in the FYE 2011, the board and management have taken a number of important steps to enhance the efficiency and effectiveness of its operations and systems”
Identifying the effects of the ‘Arab Spring’ and the ‘Japanese earthquake’ as some of the major architects of the decline in the bank’s profit, the Chairman, Jonathan Long noted that “so far as the current year is concerned, continuing recession in Europe is likely to slow global growth significantly in the first half of the year, before a possible rebound in the second half, implying some return to economic growth by the end of the current year.”
FCMB’s Group Managing Director and Chief Executive Officer, Ladi Balogun in his presentation disclosed elements of assurances of recovering from the low profile state of the bank. Balogun holds, “The impact of the merger/acquisition of Finbank plc has increased the number of FCMB branches from 30 to 278.” Although 44 branches of Finbank were shutdown, the increase is still rated by 100%.
In compliance with the Cashless Policy of the Central Bank of Nigeria , CBN, FCMB says its POS terminals now number 3,000 in circulation as well hitherto increase in customer base of 1.7million with 393,000 debit card users of bank.
The GMD adds, “The Bank will move towards a very diversified retail bank, still retaining its strong wholesale and investment banking platform.
In place of dividends recommendation for the FYE 2011, the board members of First City Monument Bank Plc appropriated the ratio of three new shares for every 20 shares already held by shareholders. It recommended the creation of additional 2.44billion Units ordinary shares by means of capitalisation of N1.22billion from shareholders premium account.