May 25, 2023/Hill+Knowlton Strategies
FBNQuest Merchant Bank Limited, the investment banking and asset management subsidiary of FBN Holdings Plc., successfully held its 8th Annual General Meeting in Lagos recently. During the meeting, the Bank presented its Audited Financial Statements for the financial year ended December 31, 2022 to its shareholders and other stakeholders.
Mallam 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. He stated, “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.”
The Bank recorded an impressive 312.5% year-on-year increase in Profit Before Tax (PBT); this growth was driven largely by a 137.7% increase in net interest income and 34.4% increase in Gross Earnings. The Bank’s commitment to cost optimization initiatives also helped to control operating expenses, which remained relatively flat year on year.
Mr. Kayode Akinkugbe, Managing Director of FBNQuest Merchant Bank, highlighted the bank’s strength and resilience during the challenging year. He 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.”
FBNQuest Merchant Bank received various awards and accolades in 2022, recognizing its excellence and contribution to the financial industry. These included the Banks and Other Financial Institutions Award for Infrastructure and Project Finance House of the Year, the EMEA Finance Africa Banking Awards for Best Asset Manager, and an ‘’A” rating from Agusto & Co., affirming the Bank’s stable outlook as a financial institution.
Looking ahead to 2023, Kayode Akinkugbe 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. He stated, “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, a corporate and investment bank for entrepreneurs, and a trusted broker/partner for institutional investors.”