By Chinwendu Obienyi and Chukwuma Umeorah
The Board and Management of FBNQuest Merchant Bank, on Thursday, assured its shareholders that the bank remains well positioned for continued success amid challenges in the Nigerian business environment.
Its Chairman, Mallam Bello Maccido, stated this during the bank’s 9th annual general meeting which held in Lagos.
The bank, the investment banking and asset management subsidiary of FBN Holdings Plc, reported a strong financial performance for the year 2023, with gross earnings improving by 43.1 per cent year-on-year to N35.5 billion. Its Profit Before Tax (PBT) stood at N4.09 billion, representing a 36 per cent increase year-on-year.
Commending the bank’s resilience in navigating through the complexities of the operating environment in 2023, Maccido said, “2023 was a year filled with unprecedented challenges that tested our resilience. Given the evolving economic landscape which was characterized by shifting government policies and volatile market dynamics, FBNQuest Merchant Bank stood resilient. Our ability to navigate through these challenges underscores our adaptability and unwavering commitment to excellence”.
He added that the asset management business achieved remarkable milestones, hitting above N600 billion in Assets under Management at the end of December 2023. According to him, “The equities business also posted growth in PBT by 182 per cent year-on-year. In line with its commitment to providing robust and sustainable returns to shareholders, the bank declared an interim dividend of N1.01 billion”.
Looking ahead to 2024, Maccido expressed optimism about the improved outlook and opportunities for the bank’s various lines of business.
He stated, “We are dedicated to accelerating revenue growth purposefully and responsibly. The Bank remains committed to delivering value to its stakeholders and driving growth in the years ahead. Its solid financial performance and strategic growth initiatives position it for continued success in the dynamic economic landscape.”
At the meeting, shareholders approved the appointment of Mr. Afolabi Olorode as Acting Managing Director, noting that the approval of the Central Bank of Nigeria had been obtained for his appointment.
The retirement of Mr. Kayode Akinkugbe as Managing Director and Mr. Taiwo Okeowo as Deputy Managing Director was also acknowledged, both individuals having served the Bank meritoriously for eight years each.