FBN Merchant Bank Limited, a subsidiary
of FBN Holdings Plc recently held its second annual general meeting,
where it declared a profit before tax (PBT) of N4.92 billion in the
financial year ending December 31, 2016. This was 28% above the prior
years’ PBT of N3.83 billion.
FBN Merchant Bank said it recorded
strong top-line growth driven by the diversified nature of its
businesses, with key drivers of revenue being the fixed income,
corporate and investment banking businesses.
The Chairman of FBN Merchant Bank,
Mallam Bello Maccido, explained in a statement that despite the
challenging macroeconomic climate in 2016, FBN Merchant Bank remained
resilient and focused on delivering strong results.
The MD/CEO of FBN Merchant Bank, Mr.
KayodeAkinkugbe, expressed his appreciation to all staff for their hard
work, passion, and commitment to fostering a culture with a winning
mindset. He also thanked the shareholders and esteemed Board of
Directors for their continued support and guidance.
Akinkugbe further said: “The consistent
growth in profitability of the bank since the commencement of our
merchant banking business in 2015 is a validation of our commitment to
adding value to our customers, as we remain firmly on the path to
building the leading merchant bank in Africa. We will continue to grow
our market share in key strategic segments, while harnessing
opportunities in select industries to improve our earnings. We are fully
committed to breaking new grounds with innovative solutions, products
and services that will deliver positive returns.”
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