FSDH merchant bank posts N4.09 billion profit
FSDH Merchant Bank group has posted a profit after tax of N4.09 billion in its 2015 operations, a 34.98 per cent rise over N3.03 billion achieved during the corresponding period in 2014.
At the group’s level, a profit before tax of N4.72 billion was achieved, representing an increase of 29.67 per cent over the profit of N3.64 billion posted in 2014.
Based on the improved performance, the directors of the bank are recommending the sum of N2.6 billion, culminating to 93.20 kobo per share. This is 66.45 kobo more than the 26.75 kobo per share paid at the end of the 2014 financial year
Addressing journalists during the pre-yearly general meeting of the bank held in Lagos yesterday, the Managing Director/Chief Executive Officer of the bank, Rilwan Belo-Osagie explained that the performance was a reflection of its spread, which, according to him, was higher than the previous year.
He noted that all the subsidiaries of the bank posted profit during the period under review, adding that earnings per share (EPS) for the group was 141 kobo, which is 37 kobo rise more than the 104 kobo that was earned in the previous financial year.
According to him, FSDH Asset Management (FSDH-AM), contributed a profit after tax of N307.93 million, while Pensions Alliance Limited (PAL) and FSDH Securities (FSDH-SEC), added N960.01million and N63.27 million respectively to the profit after tax of the group.
He assured stakeholders that the bank would continue to maximise shareholder value by constantly realigning its operations and staying ahead of trends in the industry.
“We intend to continue to harness the opportunities we identify in carefully selected industries while continuing with our conservative approach of building a portfolio of risk assets that will be enduring.
“We will continue to maximise shareholder value by constantly realigning our operations and also harnessing business opportunities as they arise”.
We also take this opportunity to thank our stakeholders and clients for their confidence in FSDH and the continued support and patronage,” he added.
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