FBNQuest Merchant Bank, the investment banking and asset management subsidiary of FBN Holdings Plc, has declared a profit before tax (PBT) of N6.52 billion for the year ended 31st December 2020.
This represents a 57.3 percent increase from the figure recorded in the previous year, as reported by the Chairman of the Board of Directors, Mallam Bello Maccido, at the 6th Annual General Meeting which held on the 23rd of April 2021 in Lagos.
This strong performance was despite significant macro-economic headwinds linked to COVID-19 which saw Nigeria slip into a recession for the second time in less than 5 years. However, robust growth in key business lines, especially in fixed income trading, corporate banking and asset management supported the strong performance recorded by the organisation.
Speaking at the Annual General Meeting, Managing Director/CEO, FBNQuest Merchant Bank, Kayode Akinkugbe said, “The Bank commenced a new three year-strategy cycle in 2020, having set clear objectives and aspirations founded on the premise of a temperate macroeconomic and operating environment. We believe our 2020 performance reflects the effectiveness of the strategy, while our diversified business platform enabled us to withstand the shocks, remain competitive and mitigate downside risks posed to any single business line.”
The Chairman of FBNQuest Merchant Bank, Mallam Bello Maccido, in his statement noted that the outlook for 2021 is anchored on three important pillars – Optimisation, Innovation and Partnerships. He stated that the bank aims to ensure greater value creation through a renewed people agenda, as well as innovation through the transformation of operations with a great focus on digital channels. He further commended the continued commitment of the Board Members, Management and Staff to the growth of the organisation.
FBNQuest remains committed to delivering value to its clients and has consistently reported growth across all its businesses. The firm was recently recognized for outstanding transactions delivered, receiving the Banker Deal of the Year Award for Africa for the Restructuring of the Sahara Power Group; the Debt Deal of the Year Award from the BusinessDay Banking and Other Financial Institutions Awards for the Refinancing Lagos State Government loan facility; and the Best Asset Manager (Nigeria) Award from EMEA Finance African Banking Awards.
The firm was also honoured at the 2020 Great Place to Work Awards as one of the Best Workplaces in Nigeria.