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FBNQuest Records N4.2bn Profit
FBNQuest Merchant Bank Limited has declared a profit before tax (PBT) of N4.15 billion for the year ended 31st December 2019.
This represented a 48 per cent increase from the N2.8 billion recorded in the previous year.
The Chairman of the Board of Directors of the merchant bank, Mallam Bello Maccido, disclosed this at its fifth Annual General Meeting which held in Lagos, recently.
The total assets of the group also grew to N144.8 billion, from N134.5 billion in 2018. This performance was driven by robust growth in key business lines, especially in fixed income trading, corporate banking and asset management, a statement explained.
While gross revenue declined by two per cent due to lower interest income in the period, operating income increased by eight per cent compared to the previous year as the bank ramped up earnings from non-interest sources.
Speaking at the AGM, the Managing Director and Chief Executive Officer of FBNQuest Merchant Bank, Mr. Kayode Akinkugbe said: “As we end our 3-year strategic cycle, we have transformed the business in line with the constantly evolving operating environment in order to achieve our goal of being the leading investment bank and asset management firm in Nigeria.
“Our diversified product portfolio remains our collective strength, and enables us to remain competitive and mitigate downside risks to any one particular business line.”
At the meeting, the bank also announced its new 3-year strategic plan which focuses on growing market share by nurturing its human capital and leveraging digital technology to serve its customers better, while also accelerating growth by actively building partnerships, and improving the group’s brand.