FBNQuest Merchant Bank Reports 43.1% Increase in Gross Earnings for 2023
FBNQuest Merchant Bank, a leading Nigerian investment banking and asset management subsidiary of FBN Holdings Plc, announced a significant rise in its gross earnings for the fiscal year 2023, marking a 43.1% year-on-year increase to reach N35.5bn.
The revelation came during the ninth Annual General Meeting of FBNQuest Merchant Bank, where the Chairman of the Board of Directors, Bello Maccido, praised the institution’s resilience in navigating the challenges of the operating environment throughout 2023.
Maccido emphasized the bank’s adaptability and commitment to excellence amid unprecedented challenges, including shifting government policies and volatile market dynamics. He highlighted the asset management business’s achievement of surpassing N600bn in Assets under Management by the end of December 2023, alongside notable growth in the equities business, which saw a 182% year-on-year increase in Profit Before Tax.
Additionally, the bank declared an interim dividend of N1.01bn, reflecting its financial stability and commitment to delivering value to shareholders.
Moreover, shareholders at the AGM approved the appointment of Mr. Afolabi Olorode as the acting managing director of the bank, with confirmation from the Central Bank of Nigeria received for his appointment.
The impressive financial performance and strategic leadership appointments signal FBNQuest Merchant Bank’s continued dedication to driving growth and innovation in Nigeria’s financial sector, despite the challenges posed by the evolving economic landscape.
