FBN Merchant Bank Limited, the merchant
banking subsidiary of FBN Holdings Plc recorded a profit before tax of
N3.851bn for the year ended December 31, 2015.
This was contained in the firm’s
financial report presented to shareholders at its Annual General Meeting
in Lagos.
The company said it reported a strong performance despite the
inclement operating environment, as the PBT was 6.6 per cent above the
budgeted profit of N3.614bn, and 113.11 per cent above the prior years’
actual profit of N1.807bn.
The merchant bank, which was formerly
Kakawa Discount House, commenced operations in November 2015 following
the CBN’s approval of its merchant banking licence and completion of
operational prerequisites.
This expansion of the group’s platform
offered the capability to provide a broader set of products and
services, as well as access to a wider universe of funding sources.
In his opening statement, the Chairman of FBN Merchant Bank, Mallam
Bello Maccido said, “2015 was a challenging period for the Nigerian
economy due to the election year and the transitional period for the
company. The volatility experienced in 2014 continued into year 2015,
leading to spikes in rates and general uncertainty in the market.
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