- FBN Merchant Bank Records 28% Rise in Profit
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.”