April 21, 2020 / 10:15 AM / By FBNQuest Merchant Bank / Header Image Credit: Vabguardngr
FBNQuest Merchant Bank, the investment banking and asset management subsidiary of FBN Holdings Plc, has declared a profit before tax (PBT) of N4.15 billion for the year ended 31st December 2019. This represents a 48% increase from the N2.8 billion recorded in the previous year, as reported by the Chairman of the Board of Directors, Mallam Bello Maccido, at the 5th Annual General Meeting which held on the 14th of April 2020 in Lagos.
The total assets of the group also grew to N144.8 billion, from N134.5 billion in 2018. This performance was driven by robust growth in key business lines, especially in fixed income trading, corporate banking and asset management. While gross revenue declined slightly by 2 percent due to lower interest income in the period, operating income increased by 8% compared to the previous year as the bank ramped up earnings from non-interest sources.
Speaking at the Annual General Meeting, the Managing Director and Chief Executive Officer of FBNQuest Merchant Bank, Mr. Kayode Akinkugbe said, "As we end our 3-year strategic cycle, we have transformed the business in line with the constantly evolving operating environment in order to achieve our goal of being the leading investment bank and asset management firm in Nigeria. Our diversified product portfolio remains our collective strength, and enables us to remain competitive and mitigate downside risks to any one particular business line."
At the meeting, the bank also announced its new 3-year strategic plan which focuses on growing market share by nurturing its human capital and leveraging digital technology to serve its customers better, while also accelerating growth by actively building partnerships, and improving the group's brand.
The Chairman, FBNQuest Merchant Bank, Mallam Bello Maccido, in his statement noted that considerable preparation, in collaboration with other subsidiaries of FBN Holdings Plc, went into the 2020 to 2022 strategic planning process. He also commended the continued commitment of the Board Members, Management and Staff to the growth of the organisation.
FBNQuest participated in a number of outstanding transactions in 2019 and was recognised by international and local awarding institutions. The firm received three Awards from EMEA Finance for the Best African Sukuk for the FGN N100bn Sukuk, Best Local Investment Bank (Nigeria) and Best Asset Manager; as well as the FMDQ Gold Award for Most Innovative Registration Member.