FSDH Merchant Bank Limited has recorded an increase in its profit after tax as it rose by 29.93 per cent, from N2.84 billion as at 2017, to N3.69 billion as at December 31, 2018.
Speaking at the Annual General Meeting (AGM) of the bank in Lagos yesterday, the Chairman, FSDH, Femi Agbaje, said the bank also realised profit before tax of N5.57 billion for the financial year ended December 31, 2018, adding that the figure represented an increase of 43.93 per cent over the N3.87 billion recorded as at December 31, 2017.
Speaking to shareholders, he said: “Your bank embarked on digitalisation initiatives embedded in its strategy. These initiatives are aimed to bring about innovation and operational efficiency. The initiatives involve development of comprehensive web and mobile payment platforms that increase payments, remittance, transfers, collections and other corporate and individual account activities options to our clients.
“It also includes deployment of an enterprise data governance that will support the availability of data across the bank to improve the quality/timeliness of business decisions. It will also enhance regulatory and compliance reporting and enhances the confidentiality, integrity and availability of quality information to our clients.
“The bank attained two new international operational standards certifications during the year. These certifications further demonstrate the bank’s commitment to disaster recovery maturity and quality service delivery to our customers.”
He added: “The Nigerian equity market depreciated year on year in 2018. The Nigerian Stock Exchange All Share Index (NSE ASI) depreciated by 17.81 per cent to close at 31,430.50 points. The bearish trend in the market was mainly as a result of continued pullback of foreign investors due to political considerations and rising global yields. Domestic investors also adopted a cautious approach to the equity market because of weak economic performance and attractive yield in the fixed income securities.”