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 December 31, 2020.
This represents a 57.3 per cent 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 in Lagos at the weekend.
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.”