Mr. Ladi Balogun, the Group Chief Executive, spoke about the company’s goals to have a strong performance in the 2023 fiscal year during the 10th Annual General Meeting of the FCMB Group Plc, which was held on April 28 in Lagos.
At the AGM, he stated that in order to accomplish this goal, the company will prioritize purpose, culture, and technology.
Our goal is to promote inclusive and sustainable growth in the communities we serve, according to Balogun. In order to connect people, capital, and markets in Nigeria and the rest of Africa, we intend to create a supportive environment.
He continued by saying that the business chose this strategy because it thinks it will benefit all stakeholders while strengthening the noticeable difference it already makes to people’s lives and communities.
“We also intend to deepen our use of technology and accelerate our digital transformation to ensure convenience, speed, and safety of transactions for our customers,” he added. He continued by saying that the company aims to offer more convenience to customers and better economics for each business while innovating more quickly and effectively.
He emphasized the value of creating a culture of inventive performance that is supported by the company’s mission and its fundamental values of execution, professionalism, innovation, and customer centricity.
He claims that the FCMB Group is convinced that its businesses and the communities it supports will advance thanks to a consistent, group-wide performance culture.
The Group CEO of the company made a statement regarding the financial results for the year ended December 31, 2022, stating that the company achieved a Profit Before Tax (PBT) of N36.6 billion, representing a 61 percent Year-on-Year growth, and a 33.5 percent increase in gross revenue to N283 billion from N212 billion the prior year.
The banking group expanded by 71.7 percent, while the consumer finance, investment management, and investment banking divisions grew by 25.6 percent, 45.7 percent, and 26.7 percent, respectively. He also revealed that the company had double-digit growth across all business segments
Besides financial growth, the FCMB Group also achieved positive environmental, social, and governance results, Balogun said. He added that the company switched 12 additional branches to solar power in 2022, removed 75 per cent of its branch network from grid/diesel generators and provided micro-loans totaling N13 billion to 120,000 MSMEs.
Balogun told shareholders at the AGM that the FCMB Group also extended its partnership with the agency banking arm to 100,000, acquiring over 211,000 customers. He said the company also partnered with operators in the agricultural value chain to support 280,000 smallholder farmers, create over 600,000 jobs, and helped deliver Africa’s first cassava-based Sorbitol factory.
Headquartered in Lagos, the FCMB Group is listed on the Nigerian Exchange Group (NGX). Its subsidiaries have strategic interests in companies serving over 10 million customers across five platforms: banking, consumer finance, investment management, investment banking and financial technology.