March 28 (Lagos) -
FCMB Plc reported 73% increase in 2018 profit after tax of N 14.97 billion up from N 8.6 billion in 2017.
Dividend for 2018 is 14 kobo per unit which is up 40% from 10 kobo of 2017.
Net Interest income rose to N 72 billion in 2018 from N 70 billion in 2017.
Top line earnings rose to N 177 billion in 2018 from N 169 billion in 2017.
The big increase came from fees and commission income which rose sharply in 2018 and from sharp decline in net impairment charges.
Shareholders will be happy with this result. Shares of
FCMB closed to N 1.92 per unit at Nigerian Stock Exchange in Lagos today.
Dividend yield is 7.2% which could have been better. Dividend payout ratio is only 18.6% so bank wants to keep its funds for next year rather than return to shareholders.
Dividend yield is poor when compared with
FIDELITYBK which also reported 2018 earnings today.
reporting for easykobo.com on Thursday, March 28 2019 from Lagos, Nigeria