The gross earnings of FBNQuest Merchant Bank for 2023 rose by 43.1 per cent year-on-year to hit N35.5bn.
This was disclosed at the ninth Annual General Meeting of
FBNQuest Merchant Bank, an investment banking and asset management subsidiary
of FBN Holdings Plc.
Speaking on the floor of the AGM, the Chairman of the Board
of Directors of FBNQuest Merchant Bank, Bello Maccido, commended the bank’s
resilience in navigating through the complexities of the operating environment
in 2023.
“2023 was a year filled with unprecedented challenges that
tested our resilience. Given the
evolving economic landscape which was characterized by shifting government
policies and volatile market dynamics, FBNQuest Merchant Bank stood resilient.
Our ability to navigate through these challenges underscore our adaptability
and unwavering commitment to excellence.
“The asset management business achieved remarkable
milestones, hitting above N600bn 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,” he elucidated.
Projecting into 2024, Maccido expressed optimism about the
improved outlook and opportunities for the bank.
“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,” he stated.
The bank declared an interim dividend of N1.01bn.
Shareholders approved the appointment of Mr Afolabi Olorode
as acting managing director of the bank, noting that the approval of the
Central Bank of Nigeria had been obtained for his appointment.