BUSINESS

FCMB Pays N8.58bn Deposit Insurance Premium To NDIC In 2023

 

First City Monument Bank (FCMB) paid N8.58 billion as a deposit insurance premium for the 2023 financial year, according to data extracted from the audited financial statements of the banks as published on the Nigerian Exchange (NGX).

This represents a 35.4% increase from the N6.34 billion incurred in the previous year. 

In the same vein, deposits rose by 62.5% from N2.07 trillion to N3.36 trillion as of the end of December 2023. 

This indicates that the bank’s deposit risk dropped from 0.31% in 2022 to 0.26% in 2023.

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