(by Maduagufor Ugonna) 

The most desirable feature of the 23^rd Annual General Meeting (AGM) of the First City Monument Bank (FCMB) held last week was the announcement of 13 kobo dividend  payment per 50k share as against previous  7.5 kobo. The financial year ended 30^th April 2005 as compared to the previous financial year report, shows a growth in deposits from N27.123 billion to N72.093 billion, an increase of 165.8 percent. Loans and advances increased from N11.436 billion to N19.071 billion. According to the managing director, Mr. Ladipupo Balogun, “we have seen massive growth in deposits and a significant drop in the cost of  funds from 10 percent to 5 percent.”  The bank is working towards a further reduction of cost to 2 percent within five years  through retail services to both corporate and consumer customers on.

 
The managing director also highlighted that the bank’s areas of core competence would include corporate banking, consumer banking, mortgage lending, wealth management and micro lending. The micro-credit services would be dispensed through a subsidiary company that would start by November 2006. Mortgage lending services through FCMB Homes an on going  subsidiary company of the bank is to originate N140 billion of mortgages over the next five years to be funded through multilateral agencies as well as local and international capital markets. 

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