FBNQuest Merchant Bank Holds 9th Annual General Meeting, Reports Strong Financial Performance and Strategic Growth Initiatives in 2023

FBNQuest Merchant Bank, the investment banking and asset management subsidiary of FBN Holdings Plc, successfully held its 9th Annual General Meeting recently. The gathering served as a platform to present the Bank's Annual Report and Financial
Statements for the financial year ended December 31, 2023. Amid the prevailing economic
challenges, the Bank reported a robust financial performance and outlined strategic growth
initiatives aimed at delivering sustainable value to its shareholders.
Mallam Bello Maccido, Chairman of the Board of Directors, commended the Bank's
resilience in navigating through the complexities of the operating environment in 2023. He
stated, "2023 was a year filled with unprecedented challenges that tested our resilience.
Given the evolving economic landscape which was characterized by shifting government
policies and volatile market dynamics, FBNQuest Merchant Bank stood resilient. Our ability
to navigate through these challenges underscores our adaptability and unwavering
commitment to excellence."
The Bank reported a strong financial performance for the year 2023, with gross earnings
improving by 43.1% year-on-year to N35.5 billion. Profit Before Tax (PBT) of N4.09 billion
was recorded, representing a 36% increase year-on-year while PBT for the FBNQuest
Merchant Bank Group was N9.98 billion, reflecting an increase of 91.5% year-on-year.
Mallam Maccido added “The asset management business achieved remarkable milestones,
hitting above N600 billion in Assets under Management at the end of December 2023. The
equities business also posted growth in PBT by 182% year-on-year.” In line with its
commitment to providing robust and sustainable returns to shareholders, the Bank declared
an interim dividend of N1.01 billion.
The Bank’s Board continues to ensure that its governance structures conform with
international best practices and regulatory guidelines. At the meeting,
shareholders approved the appointment of Mr. Afolabi Olorode as Acting Managing
Director, noting that the approval of the Central Bank of Nigeria had been obtained for his
appointment. The retirement of Mr. Kayode Akinkugbe as Managing Director and Mr. Taiwo
Okeowo as Deputy Managing Director was also acknowledged, both individuals having
served the Bank meritoriously for eight years each.
Looking ahead to 2024, Mallam Bello Maccido 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 purposefully and responsibly. The Bank remains
committed to delivering value to its stakeholders and driving growth in the years ahead. Its