The strong financial performance and strategic growth plans for the future, rolled by FBNQuest Merchant Bank at the 9th Annual General Meeting held recently have impressed the shareholders.
FBNQuest Merchant Bank is the investment banking and asset management arm of FBN Holdings Plc.
Speaking during the AGM, Chairman Mallam Bello Maccido, noted that despite economic headwinds, FBNQuest Merchant Bank reported robust financials. According to him, Gross earnings surged 43% year-on-year to N35.5 billion, while Profit Before Tax (PBT) jumped 36% to N4.09 billion. The FBNQuest Merchant Bank Group’s PBT saw an even sharper rise of 91.5% to N9.98 billion.
“2023 presented unprecedented challenges, but we persevered. Our ability to navigate this complex environment underscores our adaptability and unwavering commitment to excellence,” he said.
Three key points from the AGM:
- Asset management hitting a milestone of over N600 billion in Assets Under Management (AUM) by year-end 2023.
- The equities business achieved a stellar 182% year-on-year growth in PBT.
- Commitment to shareholder returns demonstrated by an interim dividend of N1.01 billion.
Meanwhile, as the bank’s Board continues to ensure that its governance structures conform with international best practices and regulatory guidelines, shareholders decided to approve 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.