BY PROVIDENCE OBUH

First City Monument Bank (FCMB)Plc has said that it aims to be among the  top five Financial Service Franchise (FSF) in Africa by 2030, with a view to delivering the best customer service.

Speaking at the 30thAnnual General Meeting (AGM) for the financial year ended December 31, 2012, Managing Director/CEO of the bank, Mr. Ladi Balogun said this, stating, “Our priorities going forward in the next three years will be to improve our customer experience, accelerate growth in demand deposit and savings account balances, reduce our cost of risk as well as build the most valuable retail franchise in the country.

“Specifically by 2030 we are aiming to be a top five financial service franchise in the continent by delivering the best customer experience. In order to attain this vision and deliver on our goals, we have reviewed our mission, which is now to attain the highest levels of customer advocacy, be a great place to work and deliver superior and sustainable returns to our shareholders.”

In view of this, Ladi added that the bank’s result for the year in focus improved, adding that its customer base has increased to over two million with over 275 branches and cash centre.

According to  him “Aided by acquisition and merger with FinBank, its net revenues grew by 48 per cent between 2011 and 2012, from N49.2 billion to N72.6 billion respectively. “

Further, he disclosed that the merger also fuelled the banks growth in operating expenditure by 35 per cent from N32.3 billion to N43.8 billion over the same period.

He noted that total deposit grew from N411 billion in 2011 to N646 billion in 2012, an increase of 57 per cent, while the deposit mix improved from 55 per cent to 63 per cent between 2011 and 2012 respectively.

However, overall profit after tax contribution from subsidiaries rose from N1.76 billion to N2.73 billion between 2011 and 2012, while its capital market recorded a drop in PAT from N504.43 million to N110.99 million in 2012.

Projecting the coming year, he said, “We anticipate that by 2015 retail banking should account for 40 per cent of our net revenues and 50 per cent of our profits. Our goal is to ensure that our cost to income ratio is below 50 per cent by 2015 so that we can achieve a group return on equity approaching 30 per cent.