FBNQuest Merchant Bank, the investment banking and asset management subsidiary of FBN Holdings Plc, has declared a profit before tax (PBT) of ₦4.15 billion for the year ended 31stDecember 2019. This represents a 48 percent increase from the ₦2.8 billion recorded in the previous year, as reported by the Chairman of the Board of Directors, Mallam Bello Maccido, at the 5th Annual General Meeting which held on the 14th of April 2020 in Lagos.
The total assets of the group also grew to N144.8 billion, from N134.5 billion in 2018. This performance was driven by robust growth in key business lines, especially in fixed income trading, corporate banking and asset management. While gross revenue declined slightly by 2 percent due to lower interest income in the period, operating income increased by 8 percent compared to the previous year as the bank ramped up earnings from non-interest sources.
The total assets of the group also grew to N144.8 billion, from N134.5 billion in 2018. This performance was driven by robust growth in key business lines, especially in fixed income trading, corporate banking and asset management. While gross revenue declined slightly by 2 percent due to lower interest income in the period, operating income increased by 8 percent compared to the previous year as the bank ramped up earnings from non-interest sources.
