FBNQuest Merchant Bank, the investment banking and asset management arm of FBN Holdings Plc, recently concluded its 9th Annual General Meeting, during which it presented its Annual Report and Financial Statements for the fiscal year ending December 31, 2023. Despite facing economic hurdles, the Bank showcased a strong financial performance and outlined strategic growth plans aimed at providing lasting value to its shareholders.
Mallam Bello Maccido, Chairman of the Board of Directors, praised the Bank’s resilience in navigating the challenges of the 2023 operating environment.
“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 commitment to excellence,” he stated.
In 2023, the Bank demonstrated a robust financial performance, with gross earnings soaring by 43.1% year-on-year to N35.5 billion. Profit Before Tax (PBT) reached N4.09 billion, marking a substantial 36% increase compared to the previous year. Moreover, the FBNQuest Merchant Bank Group recorded a remarkable PBT of N9.98 billion, reflecting an impressive 91.5% year-on-year growth.
“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 PBT by 182% year-on-year,” Mallam Maccido added.
In line with its commitment to providing robust and sustainable returns to shareholders, the Bank announced an interim dividend of N1.01 billion.
Furthermore, the Bank’s Board remains dedicated to upholding governance structures that adhere to international best practices and regulatory guidelines. During the meeting, shareholders approved the appointment of Mr. Afolabi Olorode as Acting Managing Director, with confirmation from the Central Bank of Nigeria already secured for his appointment. Additionally, the retirement of Mr. Kayode Akinkugbe as Managing Director and Mr. Taiwo Okeowo as Deputy Managing Director was noted, recognizing their commendable eight-year service to the Bank.
Looking forward to 2024, Mallam Bello Maccido expressed optimism regarding the improved outlook and opportunities across the Bank’s diverse lines of business.
“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.” he stated.
