• Saturday, June 22, 2024
businessday logo


FBNQuest grows profit before tax by 312.5% despite economic challenges

FBNQuest grows profit before tax by 312.5% despite economic challenges

FBNQuest Merchant Bank, the investment banking and asset management subsidiary of FBN Holdings recorded a 312.5 percent year-on-year increase in profit before tax (PBT) in 2022.

The bank said the growth in PBT was driven largely by a 137.7 percent increase in net interest income and a 34.4 percent increase in gross earnings.

FBNQuest Merchant Bank stated that the commitment to cost optimisation initiatives also helped to control operating expenses, which remained relatively flat year on year.

The bank presented its audited financial statements for the financial year ended December 31, 2022, to its shareholders and other stakeholders in its 8th annual general meeting held recently in Lagos.

Bello Maccido, chairman of the board of directors, expressed his satisfaction with the bank’s performance in the face of headwinds which created a challenging operating environment.

Maccido stated that 2022 was a year filled with unprecedented challenges, but management’s resilience and the board’s keen oversight during the year resulted in the improved performance recorded.

“Our solid financial performance, growth across various business lines, and recognition through esteemed awards are a testament to our unwavering commitment to delivering value to our stakeholders,” he said.

Read also: Minister inaugurates revenue committee to tackle multiple taxation, others

Kayode Akinkugbe, managing director of FBNQuest Merchant Bank said “The year 2022 was marked by significant economic turbulence, but we emerged stronger and more resilient.

“We were steadfast in our mission, to ‘Transform for Maximum Productivity’ by focusing on the strategic pillars of optimisation, innovation and partnerships, and this yielded positive results.

“We are proud of our achievements and remain focused on delivering exceptional value to our clients, employees, and shareholders,” Akinkugbe said.

Looking ahead to 2023, the managing director of FBNQuest Merchant Bank acknowledged the macroeconomic and social challenges that Nigeria will face.

Nevertheless, he expressed optimism about the improved outlook and opportunities for the bank’s various lines of business.

“We are dedicated to accelerating revenue growth purposely and responsibly. We will deepen our understanding of our evolving client base, offer novel products and services, pursue collaboration opportunities, and continue our digital transformation efforts.

“By remaining an employer of choice within our industry and nurturing high-quality staff, we will strengthen

our position as a provider of investment solutions for all,” he said.

He said the bank will also strengthen its position as a corporate and investment bank for entrepreneurs and a trusted broker/partner for institutional investors.