FSDH Merchant Bank Limited has disclosed that its profit after tax (PAT) rose by 45.4 per cent to N4.74 billion in its 2017 full year results, compared with the N3.26 billion it recorded the previous year
It also revealed that it achieved a profit before tax (PBT) of N5.56 billion for the financial year ended December 31 2017, representing an increase of 44 per cent when compared with the profit of N3.86 billion it realised in the comparable period of 2016.
In the financial year under review, the FSDH Group recorded a total asset size of N151.7billion.The groupâ€™s shareholdersâ€™ funds stood at N34.62 billion as at December 31, 2017; a 24.26 per cent increase from the N27.86 billion it was as of 31 December, 2016.
The merchant bank will hold its annual general meeting (AGM) on Thursday. The meeting will be the sixth AGM of FSDH since it became a merchant bank.
Furthermore, the results showed that earnings per share (EPS) for the group were 164 kobo, which is 55 kobo more than the 109 kobo earned in the previous financial year.
Speaking at a pre-AGM media briefing, the chief executive of FSDH, Hamda Ambah, disclosed that during the period under review, all the subsidiaries of the merchant bank posted profits.
She explained: â€œFSDH Asset Management (FSDH-AM) recorded a PAT of N327.7 million, while the PAT recorded by Pensions Alliance Limited (PAL) and FSDH Securities (FSDH-SEC) were N1.31billion and N96.16 million respectively.â€
According to her, a dividend of N2.21 billion had been proposed for the financial year ended 31, December 2017, which translated to 79 kobo per share.
â€œIn spite of the challenges in the financial markets and global economy, we remain focussed on ensuring that we continuously improve the performance of the group.
â€œIt is clear to us that this can only be achieved if we focus on the delivery of enhanced products and services to our valued clients in order to address their growing and changing requirements.
â€œWe will also continue to actively exploit business opportunities as they arise,â€ she added.