FSDH Merchant Bank Limited has reported a growth in total asset size to N151.7 billion in its 2017 financial year, after six years of operations with the merchant banking license.
Besides, the bank pledged that despite challenges in the financial markets and global economy, it remains focussed on ensuring that it continuously improves the group’s performance.
The bank’s Managing Director/Chief Executive Officer, Mrs. Hamda Ambah, at the pre-AGM briefing, said the strategy to achieving greater performance is to focus on the delivery of enhanced products and services to clients to address their growing and changing requirements.
According to her, the company’s yearly meetings slated for May 3, 2018, provides the opportunity to update all stakeholders about the activities and financial performance of the bank in the previous financial year 2017 and to also articulate plans for the future.
“We will also continue to actively exploit business opportunities as they arise. In doing this, we will continue in our quest to operate scrupulously within the guidelines laid down by the regulatory institutions that govern the operations of the entities in the FSDH Group.
“We believe this is the only way to ensure that we are able to deliver lasting value and positive returns to all stakeholders,” she said.
Ambah explained that the group’s shareholder fund stood at N34.62 billion as at December 31, 2017, representing 24.26% increase from the position of N27.86 billion for the financial year ended December 31, 2016.
The Group also achieved a profit before tax of N5.56 billion for the period under review, which represents an increase of 44 per cent when compared with N3.86 billion recorded in 2016.
Profit after tax increased by 45.4 per cent to N4.74 billion from N3.26 billion for the previous year, while earnings per share rose to 164 kobo, which is 55 kobo more than the 109 kobo in the previous financial year.
During the period under review, all the bank’s subsidiaries posted profits- FSDH Asset Management (FSDH-AM) recorded profit after tax of N327.7 million, while Pensions Alliance Limited and FSDH Securities achieved N1.31 billion and N96.16 million respectively.
Already, a dividend of N2.21 billion is proposed for the financial year ended 31, December 2017, an amount, which translates to 79 kobo per share.