In 2023, FBNQuest Merchant Bank recorded a 43.1% year-on-year increase in gross earnings, reaching N35.5bn, as revealed during the ninth Annual General Meeting held by the bank, a subsidiary of FBN Holdings Plc, in Abuja. During the AGM, Bello Maccido, the Chairman of the Board of Directors, praised the bank’s resilience in navigating the challenges of the operating environment.
Maccido highlighted the bank’s ability to adapt to the evolving economic landscape, marked by governmental policy shifts and market volatility. He emphasized the bank’s resilience and commitment to excellence amidst unprecedented challenges in 2023.
The asset management arm of the bank achieved significant milestones, surpassing N600bn in Assets under Management by December 2023. Additionally, the equities business saw a 182% year-on-year growth in Profit Before Tax (PBT).
Looking ahead to 2024, Maccido expressed optimism about the bank’s improved outlook and growth opportunities. He reiterated the bank’s dedication to accelerating revenue growth responsibly and delivering value to stakeholders. Furthermore, the bank announced an interim dividend of N1.01bn.
Shareholders approved the appointment of Mr. Afolabi Olorode as the acting managing director, with confirmation from the Central Bank of Nigeria.
