FBNQuest Merchant Bank Gross Earnings Hits N35.5b

 

FBNQuest Merchant Bank has despite the prevailing economic challenges, reported a robust financial performance and outlined strategic growth initiatives aimed at delivering sustainable value to its shareholders.

The bank 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.

Profit before tax of N4.09 billion was recorded, representing a 36 per cent increase year-on-year while pre-tax profit for the FBNQuest Merchant Bank Group was N9.98 billion, reflecting an increase of 91.5 per cent year-on-year.

 

Maccido added “The asset management business achieved remarkable milestones, hitting above N600 billion in Assets under Management at the end of December 2023. The equities business also posted growth in pre-tax profit 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.

This was announced at its recently held 9th Annual General Meeting, which served as a platform to present the Bank’s Annual Report and Financial Statements for the financial year ended December 31, 2023.

Chairman of the Board of Directors, Mallam Bello Maccido, commended the bank’s resilience in navigating through the complexities of the operating environment in 2023. He stated, “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.”

 

The bank’s board continues to ensure that its governance structures conform with international best practices and regulatory guidelines. At the meeting, shareholders approved the appointment of 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 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.

 

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.