Directors of First City Monument Bank Plc (FCMB) has approved the payment of N8.1 billion as dividend payout to investors in its year ended April 30, 2008.
As the Bank would commence dispatch of dividend warrants to investors October 14, 2008 a week after its 25th Annual General Meeting (AGM) held today in LagosNigeria.
The payment of the N8.1 billion dividend to investors of the bank was one of the Ordinary Business that was deliberated at the AGM.
A 50 Kobo dividend payout was today approved by the Board of Directors of the Bank to shareholders who are registered in the Register of members as at Friday September 19, 2008.
Jonathan Long, Chairman of the Bank affirms that in view of FCMBÃƒÆ’Ã†â€™Ãƒâ€ Ã¢â‚¬â„¢ÃƒÆ’Ã¢â‚¬Å¡Ãƒâ€šÃ‚Â¢ÃƒÆ’Ã†â€™Ãƒâ€šÃ‚Â¢ÃƒÆ’Ã‚Â¢ÃƒÂ¢Ã¢â‚¬Å¡Ã‚Â¬Ãƒâ€¦Ã‚Â¡ÃƒÆ’Ã¢â‚¬Å¡Ãƒâ€šÃ‚Â¬ÃƒÆ’Ã†â€™Ãƒâ€šÃ‚Â¢ÃƒÆ’Ã‚Â¢ÃƒÂ¢Ã¢â‚¬Å¡Ã‚Â¬Ãƒâ€¦Ã‚Â¾ÃƒÆ’Ã¢â‚¬Å¡Ãƒâ€šÃ‚Â¢s impressive result for the 2008 Financial Year End (FYE), the Directors are recommending that a dividend of 50 Kobo be paid to all shareholders of the Bank amounting to N8.1 billion.
The 50 Kobo dividend approved at the AGM is a 43 percent increase compared to the 35 Kobo per share paid for the year ending April 30, 2007.
As earlier reported by Proshare NI, financial performance of the bank shows that Gross Earnings grew from N24.97 billion in year 2007 to N52.82 billion in year 2008 indicating a growth of 112 percent in the review period.
Profit before Tax (PBT) also rose from N7.57 billion in year 2007 to N20.59 billion in year 2008 showing a rise of 171 percent.
While Profit after Tax (PAT) increased from N5.948 billion in year 2007 to N15.091 billion in year 2008 representing an increase of 154 percent in the review period.
Following this, Ladi Balogun, Managing Director/Chief Executive Officer (MD/CEO) of the bank affirms that the banks diverse shareholders base is now in excess of 170,000 investors a growth more than 100 percent since the 2005 Initial Public Offer (IPO) of FCMB.
Balogun further affirmed that the bankÃƒÆ’Ã†â€™Ãƒâ€ Ã¢â‚¬â„¢ÃƒÆ’Ã¢â‚¬Å¡Ãƒâ€šÃ‚Â¢ÃƒÆ’Ã†â€™Ãƒâ€šÃ‚Â¢ÃƒÆ’Ã‚Â¢ÃƒÂ¢Ã¢â‚¬Å¡Ã‚Â¬Ãƒâ€¦Ã‚Â¡ÃƒÆ’Ã¢â‚¬Å¡Ãƒâ€šÃ‚Â¬ÃƒÆ’Ã†â€™Ãƒâ€šÃ‚Â¢ÃƒÆ’Ã‚Â¢ÃƒÂ¢Ã¢â‚¬Å¡Ã‚Â¬Ãƒâ€¦Ã‚Â¾ÃƒÆ’Ã¢â‚¬Å¡Ãƒâ€šÃ‚Â¢s Tier one capital has now crossed the N120 billion mark, standing at N133 billion at FYE. ÃƒÆ’Ã†â€™Ãƒâ€ Ã¢â‚¬â„¢ÃƒÆ’Ã¢â‚¬Å¡Ãƒâ€šÃ‚Â¢ÃƒÆ’Ã†â€™Ãƒâ€šÃ‚Â¢ÃƒÆ’Ã‚Â¢ÃƒÂ¢Ã¢â‚¬Å¡Ã‚Â¬Ãƒâ€¦Ã‚Â¡ÃƒÆ’Ã¢â‚¬Å¡Ãƒâ€šÃ‚Â¬ÃƒÆ’Ã†â€™ÃƒÂ¢Ã¢â€šÂ¬Ã‚Â¦ÃƒÆ’Ã‚Â¢ÃƒÂ¢Ã¢â‚¬Å¡Ã‚Â¬Ãƒâ€¦Ã¢â‚¬Å“This has given us a comfortable capital adequacy ratio of 55 percentÃƒÆ’Ã†â€™Ãƒâ€ Ã¢â‚¬â„¢ÃƒÆ’Ã¢â‚¬Å¡Ãƒâ€šÃ‚Â¢ÃƒÆ’Ã†â€™Ãƒâ€šÃ‚Â¢ÃƒÆ’Ã‚Â¢ÃƒÂ¢Ã¢â‚¬Å¡Ã‚Â¬Ãƒâ€¦Ã‚Â¡ÃƒÆ’Ã¢â‚¬Å¡Ãƒâ€šÃ‚Â¬ÃƒÆ’Ã†â€™ÃƒÂ¢Ã¢â€šÂ¬Ã…Â¡ÃƒÆ’Ã¢â‚¬Å¡Ãƒâ€šÃ‚Â¯ he said.