FBN Merchant Bank Limited, a subsidiary of FBN Holdings Plc, said it its profit before tax (PBT) rose by 29 per cent to ¦ 4.92 billion in the financial year ending December 31, 2016 from N3.83 billion in the previous year.
The bank stated that this followed strong top-line growth driven by the diversified nature of its businesses, with key drivers of revenue being the fixed income, Corporate and Investment Banking businesses.
Chairman of the Bank, Mallam Bello Maccido, disclosed this during the bank’s 2017 annual general meeting noting that despite the challenging macroeconomic climate in 2016, the Bank remained resilient and focused on delivering strong results.
Delivering strong results
The Managing Director/Chief Executive, Mr. Kayode Akinkugbe, expressed his appreciation to all staff for their hard work, passion, and commitment to fostering a culture with a winning mindset. He also thanked the shareholders and the Board of Directors for their continued support and guidance.
Commenting further, Akinkugbe said: “The consistent growth in profitability of the bank since the commencement of our merchant banking business in 2015 is a validation of our commitment to adding value to our customers, as we remain firmly on the path to building the leading merchant bank in Africa. We will continue to grow our market share in key strategic segments, while harnessing opportunities in select industries to improve our earnings. We are fully committed to breaking new grounds with innovative solutions, products and services that will deliver positive returns.”
Stakeholders at the AGM commended the Board of Directors for sustaining such a robust performance in a challenging business environment, as it will serve to increase the confidence of the shareholders and customers of the Group.
FBN Merchant Bank commenced operations in November 2015 following the Central Bank of Nigeria’s approval of a merchant banking license granted to Kakawa Discount House Limited subsequent to the acquisition of the discount house by the FBNHoldings Group.