FBNQuest Merchant Bank, the investment banking and asset management group of FBN Holdings Plc, has declared a profit before tax (PBT) of ₦6.17 billion for the year ended 31st December 2017, representing a 25.7% increase from the previous year’s position.
This was reported by the Chairman, Mallam Bello Maccido, at the 3rd Annual General Meeting which held on the 24th of April 2018 in Lagos. Total assets of the group grew to N140.701 billion, from N137.2 billion in 2016.
This 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.
The Chairman in his statement noted that the effect of the acquisition is already evident in the synergies being experienced within the group, and its full positive impact should become more visible in the new financial year.
He also commended the tenacity and professionalism of the Management and staff which led to the strong performance amid the ongoing change.
Speaking at the Annual General Meeting, the 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.
We harnessed the market and identified new business opportunities to increase revenue, which is reflective in the company’s year-end results. We commend the hard work, passion and dedication of the staff, and say a huge thank you to our shareholders and Board of Directors for their valuable support and insights”, he added.
The GMD of FBN Holdings, Mr UK Eke, also commended the Board of Directors and Management team for the positive results, noting that this will continue to bolster the confidence of the shareholders and customers of both the Merchant Bank, as well as the Group at large.
Since its incorporation in November 2015, FBNQuest Merchant Bank has seen consistent growth across all its business lines. The firm was recently recognized for outstanding transactions delivered, receiving 5 EMEAFinance awards in the first quarter of 2018 including Best Local Currency Bond House, Best Social Development Bond for Mixta Real Estate’s N4.5 billion Guaranteed Issuance, Best Naira Bond and Best Sovereign Bond for the FGN’S N100 billion 7-year Inaugural Sukuk, and Best M&A deal in Africa for Divestment of AMCON’s 100% Shareholding in Keystone Bank; as well as Global Finance’s Best Investment Bank in Nigeria Award for the 7th consecutive year.