BY PROVIDENCE OBUH

Shareholders of First Securities Discount House (FSDH) Limited have commended the company for the performance recorded in its financial year end December 31st 2010.

Mrs. Muhiba Abass, a shareholder representing Unico CPFA Limited who spoke to the press during the company’s Annual General Meeting (AGM). said despite the harsh operating environment the company has done well especially in the dividend declared.

“This year’s dividend is a bit lower and we all know in the financial sector the interest rate has been going up and for financial companies that are trading bonds definitely the revenue should go down considering that the rates were lower last year, but comparing them to their peers they did well.”

She advised the company to look for other areas to improve their franchise urging them to get more business so that they can give more dividend next year.

“We want better dividend, we hope that the environment will be conducive for the financial sector players to do better next year, she said.

In addition, Mr. Daniel Agbor, representing KMC Investments Ltd. said, the dividend is fine though a little lower than last year but acceptable

Agbor stated “we are very pleased with the performance of the company as 2010 was a very difficult operating environment, the management and the company has done very well and we hope that performance in 2011 will be very good”.

Speaking on future outlook he said, “2011 is a difficult year, a transitional year for many institutions and I think FSDH as a discount house will hold his own, both in terms of its competitors and other discount houses and in terms of the banking industry overall”

On the other hand, Chairman FSDH, Mr. Ibrahim Dikko lamented that some of the challenges the company faced was from the capital market stating that there is still a bit of apathy in the trading of stocks . Dikko noted that the market has been a little bit quiet as trading is still very slow as well, “not very strong performance is seen from the stock market side of the business, the bond trading has been fairly good but is a bit flat” he added.

“I think there was a little bit of apprehension on the system with the elections but now that every thing is gone well, I think that the government should focus on the economy” he said.