FBNQuest Merchant Bank, the investment banking and asset management group of FBN Holdings Plc, has declared a profit before tax of N6.17billion for the year ended 31st December 2017.
This representing a 25.7 per cent increase from the previous year’s position.
Speaking at the bank’s annual general meeting held in Lagos over the weekend, Chairman of FBNQuest, Mallam Bello Maccido, said the group’s total assets grew to N140.701billion from N137.2billion in 2016.
He explained that the positive performance despite recessionary conditions was attributed to the diversified nature of its businesses which was further enhanced by the acquisition of FBNQuest Asset Management and FBNQuest Securities
in 2017.
He noted that the effect of the acquisition was already evident in the synergies being experienced within the group, and its full positive impact should become more visible in the new
financial year.
Managing Director and Chief Executive Officer of FBNQuest Merchant Bank, Mr. Kayode Akinkugbe, said, “We are indeed proud of our figures particularly considering the challenging business environment we had in 2017. Since we began operations as a Merchant Bank, we have remained committed to ensuring we deliver strong returns for our clients and shareholders.
“We continue to improve our innovative capabilities as well as the products and services we offer; and guided by our pool of experts across the business, have taken informed risks which contributed to our growth.”
The Group Managing Director, FBN Holdings, Mr. Urum Eke, said this feat would continue to bolster the confidence of the shareholders and customers of both the Merchant Bank, as well as the Group at large, adding that since its incorporation in November 2015, FBNQuest Merchant Bank had seen consistent growth across its business
lines.
