The Shareholders of FBN Holdings on Thursday approved the N1.10 dividend proposed by the board of directors for the 2013 financial year, which amounted to N35.895bn.
The Chairman, FBN Holdings, Oba Otudeko, at the company’s Annual General Meeting in Lagos said the group’s strong governance structure played a significant role in its performance in 2013, while promising greater group coordination.
Otudeko said, “The board ensured that throughout last year, our corporate governance practice stayed ahead of the most exacting statutory requirements with values upheld while advancing business practices.”
According to him, the practice kept the group ahead of the competition and ensured its sustainability. For instance, he said the key actions taken by the group in 2013 were successful.
He added, “With the recent acquisition of ICB banks across four West African countries, the acquisition of Oasis Insurance and our on-going effort to strengthen the investment banking and asset management business through the acquisition of a merchant banking licence, the group is on track to deliver on its promises to its various stakeholders.”
Otudeko, who explained that the FBN Holding’s dividend policy enabled it to reward shareholders through dividends and reinvesting profit for future growth, said the company would also focus on human capital development.
“We will continue to invest in our most important and most mobile resource through new learning capacities and job enrichment measure,” he said.
The Chief Executive Officer, FBN Holdings, Mr. Bello Maccido, however, pointed out that the company battled regulatory headwind in 2013. He cited the increase in Cash Reserve Ratio on public sector funds and revised banking charges as examples.
Maccido said, “The tough operating environment notwithstanding, the consolidated results for the group overall showed marginal growth across all the key indices buoyed by improving performance of our non-banking subsidiaries.
“Net interest income grew by 1.5 per cent from N226.61bn in 2012 to N230.12bn in 2013. However, profit before tax declined slightly by 2.8 per cent from N93.9bn in 2012 to N91.34bn in 2013.
Shareholders, who spoke at the event, commended the group for delivering increased returns despite the challenges it faced last year.
The National Coordinator, Independent Shareholders Association of Nigeria, Mr. Sunny Nwosu, said the shareholders appreciated the efforts made by the employees and management of the group.