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.
