FSDH Merchant Bank posts N4.09bn profit after tax amidst challenging economy

FSDH Merchant Bank group has released its financial performance for the period ended December 31, 2015, recording N4.09 billion profit after tax (PAT), which is 34.98 percent higher than N3.03 billion recorded the previous year.

The Group achieved a profit before Tax (PBT) of N4.72 billion for the financial year ended December 31 2015, representing an increase of 29.67 percent over the profit of N3.64 billion for the year ended December 31 2014.

The bank’s tremendous performance in spite of the challenges in the economy and in the financial markets, was a reflection of its spread which was higher than the previous year, according to Rilwan Belo-Osagie, managing director/CEO of the bank.

Consequently, Earnings per share (EPS) for the group was 141 kobo, which is 37 kobo more than the 104 kobo that was earned in the previous financial year.

Speaking at the pre-annual general meeting in Lagos, Belo-Osagie noted that all the subsidiaries of the bank posted profit during the period under review.

Specifically, FSDH Asset Management (FSDH-AM), contributed a profit after tax of N307.93 million, while Pensions Alliance Limited (PAL) and FSDH Securities (FSDH-SEC), added N960.01million and N63.27 million respectively to the profit after tax of the group.

He said the board of directors is recommending the sum of N2.6 billion as dividend payment for the year ended December 31 2015. The amount translates to 93.20 kobo per share and is 66.45 kobo more than the 26.75 kobo per share paid at the end of the 2014 financial year.

“We intend to continue to harness the opportunities we identify in carefully selected industries while continuing with our conservative approach of building a portfolio of risk assets that will be enduring”, Belo-Osagie said.

Continuing he said, “we will continue to maximise shareholder value by constantly realigning our operations and also harnessing business opportunities as they arise”.

HOPE MOSES-ASHIKE