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Tag: FCMB

  • FCMB rewards more winners in ‘Millionaire Promo Season 4’

    FCMB rewards more winners in ‘Millionaire Promo Season 4’

    First City Monument Bank (FCMB) has continued to fulfill its promise to reward customers through its ongoing bumper reward scheme tagged, ‘’FCMB Millionaire Promo Season 4’’.

    The lender had held successful draws ceremony In July 19. The exercise, the second since the ‘Season 4’ of the promo began in March this year, was held at the regional and zonal levels of the bank across Nigeria.

    The latest customers to win N1 million each at the regional draws were Bright Odimegwu (Lagos); Usman Yusuf (Abuja & North); Chigozie Egwuonye (South-west) and Clement Nwosu (South-east & South-south). Also, 640 other customers of the bank smiled home with various exciting gift items, ranging from LED televisions, power generating sets, decoders, tablets, smart phones and other consolation prizes at the electronic selection exercise that took place.

    The winners praised the lender for sustaining its promise to reward and empower customers through the promo. Dignitaries at the event also praised the Bank for its unblemished history, transparency and professionalism brought to bear in organising the reward scheme. So far, thousands of customers of the bank have won cash between N1 million and N5 million as well as fantastic prizes, such as brand new Sports Utility Vehicles, televisions, fridges, generating sets, decoders, video players, tablets, smart phones and other consolation prizes since the FCMB promo was first launched in 2013.

    The bank’s Executive Director, Retail Banking, Olu Akanmu, said all an existing or a new customer of the bank needs to do is to increase his or her balance by N10,000 in any of the eligible savings account and maintain it for 30 days to qualify for the Zonal and Regional electronic selection of winners where the star prize of N1 million and other fantastic prizes will be won.

     

     

     

  • Fed Govt praises FCMB on portal donation

    The Federal Government has praised First City Monument Bank (FCMB) for showing support to the development of the country through strategic partnerships with the public and private sectors.

    The commendation came after the lender donated to the Federal Government a Home grown School Feeding (HGSF) programme web portal developed by the bank for deployment nationwide.

    Speaking during a visit by the bank’s management to the Presidential Villa in Abuja,  Acting President, Prof. Yemi Osinbajo, said the lender’s gesture has gone a long way to strengthen government’s efforts towards enhancing the well-being of the country and the citizenry.

    The Office of the Vice President is in charge of this social investment programme, which was launched in July last year. It is currently running in several states and when fully operational in all the 36 states, over 24 million school children will benefit from it thereby making it the largest school feeding programme in Africa.

    Osinbajo hailed FCMB, ‘’for being proactive and demonstrating tremendous interest towards the success of the HGSF programme. From what I have seen, this portal is an excellent initiative and the Bank should be commended not just for this, but for being a partner in progress over the years’’.

    He added that apart from improving child nutrition and healthy living, the free school feeding programme will increase enrolment of children, boost agricultural production and its associated value chain as well as create employment opportunities in all sectors.

    Speaking during the visit, the lender’s Managing Director,  Adam Nuru, explained that the lender decided to take the lead in developing the HGSF portal in further demonstration of its value as a helpful financial institution committed to delivering exceptional services that create life changing opportunities.

    He pointed out that the portal acts as an information hub which aids remote monitoring and evaluation from the Vice President’s Office, thereby giving access to data that includes but is not limited to the number of people employed in the value chain.

  • More millionaires emerge in FCMB savings promo

    More millionaires emerge in FCMB savings promo

    First City Monument Bank (FCMB) Limited has produced another set of millionaires in its ongoing bumper reward scheme tagged:FCMB Millionaire Promo Season 4.

    The latest millionaires, who won N1 million each, emerged from the electronic draws held last week  across the country.

    In addition, 640 other customers of the bank were rewarded with various exciting gift items, ranging from LED televisions, power generating sets, decoders, tablets, smart phones and other consolation prizes.

    At the Lagos regional draw held at FCMB’s Broad Street branch, Musa Mohammed emerged the winner of N1 million, while at the Abuja/North regional draw in Abuja, Yahaya Mohammed was rewarded with the same amount.

    In addition, Vidal Effiong was announced the lucky winner of N1million from the South-East/South-South draw that took place at the Oron Road branch of FCMB in Uyo, Akwa Ibom State, just as Mr. and Mrs. James Okechukwu (joint account) are now N1million richer on account of their winning at the South-West regional draw held at the Gbongan-Ibadan Road branch of the bank in Osogbo, Osun state.

    The “FCMB Millionaire Promo Season 4” began in March this year and will run till October. It follows the huge success recorded in the third phase of the Promo, which ran from April to December, 2016 and produced 16 millionaires and 2,496 other winners of various top-range gifts.

    The latest promotion has been designed to provide extra empowerment and create value for customers of the bank, while encouraging financial inclusion and savings culture. The promo is targeted at all segments of the society, especially existing and potential savings account customers of the bank. This however, excludes salary and domiciliary account holders.

    Speaking on how to participate in the FCMB Millionaire Promo Season 4, the bank’s Executive Director, Retail Banking, Olu Akanmu, said all an existing or a new customer of the bank needs to do is to increase his or her balance by N10,000 in any of the eligible savings account and maintain it for 30 days to qualify for the Zonal and Regional  electronic selection of winners where the star prize of N1 million and other fantastic prizes will be won.

    Multiple savings of N10,000 will increase the probability of winning. To qualify for the grand finale draws in November, 2017 existing and new customers are to increase their balances up to N50,000.00 and maintain it for 30 days. Multiple savings of N50,000 will also increase the chances of winning.

  • Shareholders laud FCMB over improved performance

    Shareholders laud FCMB over improved performance

    Shareholders of FCMB Group Plc at the weekend commended the board and management of the banking group for notable improvement in the performance of the holding company.
    At the Annual General Meeting (AGM) in Lagos, shareholders unanimously approved the distribution of N1.98 billion as cash dividend for the 2016 business year, representing a dividend per share of 10 kobo and more than 10 per cent in dividend yield.
    Key extracts of the audited report and accounts of FCMB Group for the year ended December 31, 2016 had shown that profit before tax doubled by 109 per cent to N16.3 billion in 2016 as against N7.8 billion in 2015. Profit after tax also jumped by 198 per cent to N14.3 billion in 2016 as against N4.8 billion in 2015. Gross earnings grew by 16 per cent to N176.35 billion in 2016 from N152.51 billion in 2015.
    Reviewing the performance of the company at the general meeting, shareholders commended what they described as impressive growths across the performance indices.
    Founding national coordinator, Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu, commended the board and management of FCMB Group for efficiently running its affairs, citing the appreciable growth recorded in key operating areas.
    He noted that the overall performance of the company has been good despite the recession the economy went through during the year under review.
    ‘’Impressive rise in profitability and dividend payment are clear signs that FCMB is resilient, on a stronger footing to overcome the difficult business environment and continually meet the expectations of shareholders and other stakeholders. Overall, we are satisfied with the performance,’’ Nwosu said.
    Also, National Chairman, Shareholders’ Trustees Association of Nigeria, Alhaji Mukhtar Mukhtar, said shareholders were happy that FCMB has again risen to the occasion by delivering value to shareholders, while also showing a strong ability to adapt effectively and professionally to the dynamics of the business environment.
    “We strongly believe that FCMB will continue to do perform better,’’ Mukhtar said.
    Chairman, FCMB Group, Dr. Jonathan Long, attributed the performance recorded last year to the professionalism and commitment the financial institution brought to bear on its business and operations.
    ‘’The Group has shown itself, capable of weathering the storm and I am confident that the year ahead will prove to be no exception,’’ Long, who was represented by a Director, Mr Bismarck Rewane, said.
    In his remarks, Group Chief Executive Officer, FCMB Group Plc, Mr. Ladi Balogun, noted that the realities of 2016 have been good tests of the resilience of the bank’s turnaround programme commenced in 2015.
    ‘’Across most indices, we have recorded progress and we intend to stay this course in the coming year,’’ Balogun assured.
    He said the financial services group has built a solid business model around retail and transaction banking to deliver sustainable profit growth, effective use of technology to boost efficiency, reduced risk appetite and a great customer experience.

  • FCMB funds eye surgeries in three states

    FCMB funds eye surgeries in three states

    The annual First City Monument Bank (FCMB)’s sponsored free eye screening and cataract surgery programme known as, Priceless Gift of Sight, has commenced in Kebbi, Cross Rivers and Imo states.

    The Corporate Social Responsibility (CSR) initiative involves eye screening tests, full ophthalmic medical examination, eye surgeries, provision of free medication, eye glasses and counselling for those suffering from cataract, an eye defect that could lead to blindness if not promptly treated.

    This marks the eight consecutive year the bank is organising this intervention programme in partnership with Tulsi Chanrai Foundation (TCF), a Nigerian-Indian non-profit organisation. Thousands of people across Nigeria have so far benefited from the exercise since it commenced in 2009. This year, the Bank sponsored 500 eye surgeries in Kebbi, Cross Rivers and Imo states, while thousand others underwent the screening for cataract during the programme.

    In 2016, a total number of 2,328 people were screened in Cross Rivers, Katsina and Kebbi states with 400 eye surgeries successfully performed.  The bank has previously carried out the programme in Adamawa, Imo, and Ogun states.

    The bank’s Group Head, Corporate Affairs, Diran Olojo, said, “the importance of sight to the well-being of an individual and the nation cannot be over-emphasised. We are proud to sustain the sponsorship of this initiative with Tulsi Chanrai Foundation because it has continued to positively touch and transform the lives of thousands of people, homes, businesses and indeed, the society”.

    A beneficiary, a 78 year old Jonathan Nwosu of Umuaro autonomous community, Nkwere Local Government of Imo State described the initiative as a service to humanity.

    Another beneficiary of the eye surgery in Kebbi state, Mustafa Muhammed also commended FCMB and TCF for coming to his aid and thousands of others suffering from cataract through the priceless gift of sight initiative.

    Also speaking on the programme, the Chief Operating Officer of Tulsi Chanrai Foundation (TCF), Col Prasad said: “the priceless gift of sight has gone a long way to transform the lives of people, especially the poor and needy who suffer from cataract in Nigeria, but cannot afford the resources to go through tests, medication and surgery.

    There is no gift in the world better than giving sight to the sightless. Our Foundation is grateful to FCMB for its kind and generous support over the years towards the noble cause of eliminating the scourge of avoidable blindness, while also give hope to the hopeless’’.

  • FCMB grows pre-tax profit by 109% to N16.3b

    FCMB grows pre-tax profit by 109% to N16.3b

    The FCMB Group Plc recorded impressive growth across key performance indicators in 2016 as the financial services group grew profit before tax by 109 per cent to N16.3 billion. The Group is the holding company for First City Monument Bank (FCMB) Limited, FCMB Capital Markets Limited, CSL Stockbrokers Limited and CSL Trustees Limited.
    Key extracts of the audited report and accounts of the Group for the year ended December 31, 2016 showed that the group demonstrated resilience against the tough operating environment. Profit before tax rose by 109 per cent to N16.3 billion in 2016 as against N7.8 billion recorded in 2015. Profit after tax also rose to N14.3 billion in 2016 as against N4.8 billion in 2015. Gross earnings rose by 16 per cent to N176.35 billion in 2016 as against N152.51 billion in 2015.
    With the improvement in the bottom-line, the board of the directors has recommended a dividend per share of 10 kobo to shareholders. This implies a dividend yield of more than 10 per cent for the group.

    Further analysis showed that non-interest income grew to N47.7 billion, an 86 per cent increase on N25.6 billion recorded in 2015. This was mainly driven by N29.3 billion in foreign exchange revaluation gains. Consistent with its value as a helpful financial institution committed to the growth of individual and business aspirations, the FCMB Group results showed an increase in credits advanced to customers last year. Loans and advances rose by 11 per cent from N593 billion in 2015 to N660 billion in 201. Total assets increased marginally by from N1.16 trillion in 2015 to N1.17 trillion in 2016.
    Also, operating expenses decreased by 2.0 per cent to N65.8 billion while non-performing loans to total loans ratio declined from 4.2 per cent in 2015 to 3.7 per cent in 2016. The group’s capital adequacy ratio stood at 16.7 per cent. However, customer deposits reduced to N658 billion from N700 billion.
    The report showed that First City Monument Bank (FCMB) Limited, the flagship of FCMB Group and the commercial and retail banking arm of the holding company, also sustained its impressive performance over the years. The bank’s net interest income grew by nine per cent from N62.8 billion in 2015 to N68.6 billion in 2016

  • FCMB offers three-month free banking to SMEs

    First City Monument Bank (FCMB) Limited has introduced free three-month banking for new and old FCMB customers within the Small and Medium Enterprises (SMEs) segment.

    This offering, which began on February 1, to end in April, is aimed at encouraging Nigerians to show interest in entrepreneurship. It would also assist new and existing SMEs to overcome some of the challenges they usually face, especially at the take-off stage.

    In a statement, the lender said an SME was required to open an FCMB Business Account and sign-up for a business debit card at any of its over 200 branches spread across the country. The benefits of this value-added offering include, no banking charges on local transactions, free account maintenance and monthly flat charges, free cheque books, free printing of account statements and free bank drafts.

    According to FCMB’s Divisional Head, Retail Banking, Olu Akanmu, three months free banking was to demonstrate the bank’s value as a helpful financial institution committed to helping businesses to thrive in this challenging times.

    He said: ‘’FCMB is committed to helping Nigerians and their businesses to succeed even in this challenging times. We support them with simple, easy to use transactional products and services that help them manage their cash and collections efficiently while supporting them in their aspirations to build successful businesses.”

    While assuring that the bank will continue to develop solutions to support its customers, he urged SMEs to effectively position their operations by taking advantage of the unique opportunities in the FCMB free three months banking as a springboard to take their businesses to the next level.

    With statistics showing that about 20 million SMEs are registered in Nigeria, the FCMB has continued to offer products, services and other incentives to stimulate and deepen such businesses in a sustainable manner. The lender is one of the top participating banks appointed by the Central Bank of Nigeria (CBN) to drive the N220 billion Development Fund instituted by the apex regulatory institution to provide loans to SMEs.

    In the last one and half years, the FCMB has disbursed over N3 billion to SMEs as against N122 million it provided as funding support as at the end of February 2015.

    Beyond the funding, the bank has championed and executed various initiatives, which included capacity building programmes that have fast-tracked the growth of SMEs in Nigeria. Apart from training sessions organised for owners of SMEs, the Bank has brought its professional expertise closer to the people by having dedicated Loan Officers at some of its branches nationwide. These officers are trained and equipped to provide SMEs with the best and most effective advice and support.

  • Winners emerge in FCMB’s Flexx promo

    Winners emerge in FCMB’s Flexx promo

    Many winners have emerged in the ongoing Flexx promo organised by First City Monument Bank (FCMB). Samuel Precious Onyekachi is now a proud owner of a brand new Hyundai Veloster car, courtesy of the promo.

    She emerged winner at the draws held at the Lagos University Teaching Hospital, Idi-Araba Lagos, on February 14. The event was part of the bank’s activities to celebrate this year’s Valentine Day.

    Another customer, David Eboh, also won a smart phone and was full of commendation to the bank for developing a product focused not only on exciting the youths, but empowering them for life after school. ‘’I consider the FCMB Flexx product as a life-changing one, because of the many benefits it offers not just to me at the moment, but in future. I am very excited to have emerged as one of the winners of the promo and I look forward to benefiting more from being a customer of FCMB,” he added.

    Another winner, Abisola Ogunshola, expressed immense gratitude to FCMB for what she described as an amazing New Year and valentine day gift. She said: ‘’I have been thinking and praying on how to get money to buy another phone, since the one I am using has been giving me challenges. To have won a phone in the FCMB Flexx promo has solved that problem. I am proud to be a customer of FCMB and I believe I stand to gain a lot from this even after school.”

    Among other fantastic prizes doled out to the hundreds of students, who graced the colourful and fun-filled event, another set of 100 winners received smart phones, while 20 others were beneficiaries of bursary awards to the tune of N50,000 each.

    Speaking on the development, FCMB’s Divisional Head, Retail Banking, Olu Akanmu, said: ‘’What you have witnessed today is one of our ways of recognising youths as the central force for social and economic development, and the hope for the future . As a business, we do not take this segment for granted.” –

  • FCMB promotes work-life-balance for employees

    First City Monument Bank (FCMB) Limited has demonstrated its ‘great place to work’ philosophy by organising series of activities to mark the 2017 edition of its Employee Health Week.

    The annual programme, aimed at promoting healthy living for employees of the bank and their families, starts today and ends on Saturday this week.

    The event, the lender said in a statement, forms part of its commitment to ensure a healthy lifestyle and productivity among its workforce in a sustainable manner.

    The bank announced that during the week, its employees will participate in various health and social activities. These include medical check-up, good nutrition, how to maintain healthy lifestyle, aerobics, sporting and other fun-filled activities, which will be anchored by a team of medical personnel and other professionals engaged by the bank.

    Speaking on the significance of the Employee Health Week, the Divisional Head, Corporate Services of FCMB, Felicia Obozuwa, restated the commitment of the bank to initiative and execute programmes that promotes healthy living for employees.

    She added that the Bank recognises the enormous efforts and contributions of its workforce in the growth and achievements recorded over the years.

    According to her: ‘’Employee health and general well-being are key priorities for us. The Health Week is one of our initiatives to promote a healthy lifestyle for our employees and their family members to ensure a healthy society. We are determined to build an organisation that is impactful in the lives of our employees and other stakeholders to reinforce our core values of professionalism, sustainability, customer focus and excellence.

    Hence, we will continue to carry out programmes that will ensure that our employees get the best information and support, to ensure that there are in the best state of health, which is in line with our ‘great place to work’ mission’’.

  • FCMB raises N5.1b via bonds

    FCMB raises N5.1b via bonds

    First City Monument Bank (FCMB) has sold N5.1 billion ($16 million) of bonds, less than te amount it planned to raise, at an interest rate coupon of 17.25 per cent, its advisers said.
    The seven-year bond was issued by way of a book-building with Standard Chartered Bank, local investment bank Chapel Hill Denham and FCMB Capital Markets as book runners. The offer was fully subscribed, they said in a statement.
    Several Nigerian lenders will likely raise fresh capital this year or sell some assets to boost capital ratios, after low oil prices created dollar shortages and weakened the naira leading to a pile-up of non-performing loans.
    Last November FCMB said it wanted to raise funds to strengthen its capital base but it halved the amount it planned to raise to N7.5 billion in debt after announcing a bond sale of up to N15 billion three months earlier.
    Last year the lender closed some branches and slowed loan growth to conserve its capital, which was close to the regulatory limit of 15 percent of assets at mid-year.
    Chief Executive Ladi Balogun said then it was undertaking the capital raising to provide an additional cushion.
    Nigeria has been issuing bonds at yields below inflation, making it difficult for corporates to raise debt, as the government increases borrowing to try to spend its way out of the country’s first recession in 25 years.
    In January the government sold a five-year bond at 16.89 per cent to raise N34.95 billion. Annual inflation in Nigeria hit 18.55 per cent in December, its 11th straight monthly rise to a more than 11-year high. FCMB’s shares were down 3.82 per cent on Friday at N1.28, having gained 19 percent this year. Shares fell 35 per cent in 2016.