FBN Merchant Bank Limited, a subsidiary of FBN Holdings Plc. held its 2nd Annual General Meeting on Wednesday April 26 2017 in Lagos, where it declared a profit before tax (PBT) of ₦4.92 billion in the financial year ending December 31, 2016. This was 28% above the prior years’ PBT of ₦3.83 billion.
FBN Merchant Bank 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, in his remarks at the meeting noted 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. Kayode Akinkugbe, 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.
Mr. Akinkugbe commented further, “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.”
Stakeholders at the AGM commended the Board of Directors for sustaining such a robust performance in a challenging business environment, as it will serve to increase the confidence of the shareholders and customers of the Group. FBN Merchant Bank commenced operations in November 2015 following the Central Bank of Nigeria’s approval of a merchant banking license granted to Kakawa Discount House Limited subsequent to the acquisition of the discount house by the FBNHoldings Group.