Merchant bank records N35.5 billion gross earnings | The Guardian Nigeria News

FBNQuest Merchant Bank has reported a 43.1 per cent financial growth in gross earnings, totalling N35.5 billion for the 2023 financial year.

Despite navigating a complex economic landscape marked by policy shifts and market volatility, the bank’s profit before tax (PBT) climbed to N4.09 billion, a 36 per cent rise from the previous year.

The broader FBNQuest Merchant Bank Group saw even more robust growth, with its PBT surging by 91.5 per cent to N9.98 billion.

A significant highlight of the year was the performance of the bank’s asset management division, which saw assets under management exceed N600 billion as of December 2023.

The equities business also reported a substantial increase, with a 182 per cent growth in PBT.

The bank also declared an interim dividend of N1.01 billion, continuing its practice of delivering robust returns to shareholders.

During the annual report presentation at the yearly general meeting, which reviewed the year ended December 31, 2023, the Chairman of the Board of Directors, Bello Maccido, praised the bank’s strategic response to the year’s unprecedented challenges.

“2023 tested our resilience and adaptability. Our ability to thrive amid such challenges underscores our commitment to excellence,” Maccido stated.

Looking forward, Maccido expressed optimism about the bank’s prospects in 2024, citing enhanced opportunities for growth across various business lines.

“We are dedicated to purposefully and responsibly driving revenue growth. Our solid financial performance and strategic initiatives position us well for sustained success in a dynamic economic environment,” he concluded.

He said with its governance structures aligned with international best practices and regulatory guidelines, FBNQuest Merchant Bank is poised for continued growth and industry leadership.

The shareholders approved Afolabi Olorode as Acting Managing Director after receiving the necessary approval from the Central Bank of Nigeria (CBN).

They also recognised the retirement of Kayode Akinkugbe and Taiwo Okeowo, as Managing Director and Deputy Managing Director, respectively, after eight years of service each.

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