Why FCMB’s Corporate Identity Was Changed – CEO

… Posts 38% profit increase

The Group Managing Director/Chief Executive, First City Monument Bank (FCMB) Limited, Mr. Ladi Balogun has explained that the rebranding of the bank’s corporate identify was to project the vibrant state of the company.
Balogun made the clarification while speaking with Journalist at FCMB’s 2nd Annual General Meeting in Lagos, where earnings analysis revealed that the Group recorded a Profit before tax (PBT) of N23.9 billion for the full-year 2014, up 32 per cent from N18.2 billion for the full-year 2013. Profit after tax (PAT) of N22.1 billion for the year ended December 2014, up 38 per cent from N16.0billion for the year ended December 2013.
“The change of identity of the bank today heralds a new chapter in the evolution of FCMB, as we unveil a refreshed corporate identity, looking at our colours of black and gold which hitherto speaks to an exclusive audience we have chosen to replace with a vibrant combination of purple and yellow, the aim is basically to enable us speak to a broader audience. Same goes for our logo which have also been modified to be slightly less formal and more contemporary, yet retaining a distinctly FCMB feel,” he said.
According to him, a long term vision to be the premier financial services group of African origin, has been set as target by the bank, stressing that at the heart of the group is emerging a vibrant retail bank that seeks to rewrite the rules of the game.
“We have reached a tipping point in our evolution, and we feel we are now ready to wear a new look that is reflective of not only where we are, but also where we are going. Today, our products provide practical solutions to the borrowing, saving, investment, and payment needs of our customers. Every month, we welcome 50,000 new customers and we disburse 20,000 new loans, with over 2,000 monthly to women owned micro-enterprises. Every month over 70,000 customers are registering on our mobile banking solutions that offer reliable and convenient ways to bank.
“Our future is intertwined with the collective future of our customers. We do not believe that we can succeed if the customers do not. Hence, we will reinforce our position of being an inclusive lender. We will support sectors that will drive the prosperity of the markets in which we operate. We will bring greater accessibility to a broad range of financial services. By so doing, we will build one of the most relevant financial service franchises of African origin, providing the best customer experience. We are optimistic about the future and determined, whatever the challenges, to make this happen,” he said.
FCMB Group Plc which comprises First City Monument Bank Limited, FCMB Capital Markets Limited and CSL Stockbrokers Limited, received the approval of its shareholders to pay a dividend of 25 kobo per ordinary share held for the financial year ended December 31, 2014.
Commenting on this, the Coordinator of Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu noted that, the increase is commendable. He added that “It is a clear signal that things are looking up. We are also happy that FCMB has emerged as a strong player in retail banking and from what we have seen so far, we are optimistic that the Bank will continue to wax stronger’’.
The Managing Director of FCMB Group Plc, Mr. Peter Obaseki, noted that, “the Group is on track to deliver on its promise to its various shareholders’’. He added that despite regulatory and macro-economic challenges, ‘’our future outlook is bright, our capital base remain strong, the bank’s strategies are yielding results and we will focus more improving contribution to revenue from the non-banking businesses, especially in the wealth management space’’.