Nigeria: FBNQuest Merchant Bank Records Remarkable 43.1% Growth in Gross Earnings for 2023

FBNQuest Merchant Bank Records Remarkable 43.1% Growth in Gross Earnings for 2023
Share this article

FBNQuest Merchant Bank, a prominent Nigerian investment banking and asset management subsidiary under FBN Holdings Plc, has announced a substantial increase in its gross earnings for the fiscal year 2023, showcasing a remarkable 43.1% year-on-year surge to reach N35.5 billion.

This revelation emerged during the ninth Annual General Meeting of FBNQuest Merchant Bank, where Bello Maccido, the Chairman of the Board of Directors, commended the institution’s resilience in navigating the challenges of the operating environment throughout 2023.

Maccido underscored the bank’s adaptability and unwavering commitment to excellence amidst unprecedented challenges, including fluctuating government policies and volatile market dynamics. He notably highlighted the asset management business’s achievement of surpassing N600 billion in Assets under Management by the end of December 2023, coupled with significant growth in the equities business, which witnessed a remarkable 182% year-on-year increase in Profit Before Tax.

Furthermore, the bank announced an interim dividend of N1.01 billion, underscoring its financial stability and steadfast dedication to delivering value to shareholders.

In addition to this, shareholders at the AGM ratified the appointment of Mr. Afolabi Olorode as the acting managing director of the bank, following the confirmation of his appointment by the Central Bank of Nigeria.

The impressive financial performance and strategic leadership appointments signify FBNQuest Merchant Bank’s ongoing commitment to fostering growth and innovation within Nigeria’s financial sector, despite the challenges posed by the evolving economic landscape.

Share this article

Global: Banking Industry Urges Federal Reserve to Reconsider Debit Interchange Fee Cap Reduction

Previous article

Nigeria: Banks stop collection of deposits processing fees

Next article

You may also like


Comments are closed.

More in News