- FSDH Expects Increased Activities, Economic Recovery
FSDH Merchant Bank Limited has said it expects an increase in economic activities and economic recovery in the short term in the country.
The Managing Director, Hamda Ambah, said this while speaking on the economy and the firm’s performance in the last financial period.
She said, “The year 2018 marked the 7th year of our operations as a merchant bank. We expect that the Nigerian economy will continue to recover in the short-to-medium term. The expected increase in activities in the Nigerian economy should offer growth opportunities for many sectors of the economy.
“We remain committed to fostering mutually-beneficial relationships with our customers by providing tailored solutions that meet their specific needs. The FSDH Group will continue to work within a robust risk management framework leveraging technology.
“We will also continue to collaborate with like-minded partners to develop innovative financing and investment solutions which will enable us to exploit emerging opportunities and create shared prosperity in 2019.”
Ambah, who spoke during a post-annual general meeting of the bank in Lagos, noted that a dividend of N3.07bn had been declared for the financial year ended 31 December 2018 from a dividend of N2.21bn in 2017.
According to her, the amount translated to N1.10kobo per share in the period under review from N0.79kobo in 2017.
She said one other highlight of the financials was that the group achieved a profit before tax of N6.75bn for the financial year ended 31 December 2018.
This, she noted, represented an increase of 21.4 per cent from the profit of N5.57bn for the year ended 31 December 2017.
She said, “Profit after tax attributable to the group increased by 13.2 per cent to N5.37bn from N4.74bn for the previous year. Earnings per share for the group was 166 kobo, which is two kobo more than the 164 kobo earned in the previous financial year.
“During the period under review, all our subsidiaries posted profits. FSDH Asset Management recorded a PAT of N326.87m, while the PAT recorded by Pensions Alliance Limited and FSDH Securities were N1.47bn and N64.16m respectively.”
