FBNQuest Merchant Bank, the investment banking and asset management subsidiary of FBN Holdings Plc, has posted a 36 per cent increase in its pre-tax profit for the year ended December 31, 2023 as its gross earnings rose by 43.1 per cent.

The report of the merchant bank presented at its ninth Annual General Meeting showed that gross earnings improved by 43.1 per cent year-on-year to N35.5 billion. A Profit Before Tax (PBT) of N4.09 billion was recorded, representing a 36 per cent increase year-on-year while PBT for the FBNQuest Merchant Bank Group was N9.98 billion, reflecting an increase of 91.5 per cent year-on-year.

Commenting on the performance, Chairman of the Board of Directors, Mallam Bello Maccido, commended the Bank’s resilience in navigating through the complexities of the operating environment in 2023. He stated, “2023 was a year filled with unprecedented challenges that tested our resilience.

“Given the evolving economic landscape which was characterised by shifting government policies and volatile market dynamics, FBNQuest Merchant Bank stood resilient. Our ability to navigate through these challenges underscores our adaptability and unwavering commitment to excellence.”

He furthered that the “asset management business achieved remarkable milestones, hitting above N600 billion in Assets under Management at the end of December 2023. The equities business also posted growth in PBT by 182 per cent year-on-year.” In line with its commitment to providing robust and sustainable returns to shareholders, the Bank declared an interim dividend of N1.01 billion.

Looking ahead to 2024, Maccido expressed optimism about the improved outlook and opportunities for the Bank’s various lines of business. He stated, “We are dedicated to accelerating revenue growth purposefully and responsibly. The Bank remains committed to delivering value to its stakeholders and driving growth in the years ahead. Its solid financial performance and strategic growth initiatives position it for continued success in the dynamic economic landscape.”

At the end of the meeting, shareholders approved the appointment of Mr. Afolabi Olorode as Acting Managing Director, noting that the approval of the Central Bank of Nigeria had been obtained for his appointment. The retirement of Mr. Kayode Akinkugbe as Managing Director and Mr. Taiwo Okeowo as Deputy Managing Director was also acknowledged, both individuals having served the Bank meritoriously for eight years each.