Bank records N3.86b profit
Amid harsh operating environment, FSDH Merchant Bank Limited, has achieved Profit Before Tax (PBT) of N3.86 billion for the financial year ended December 31, 2018, representing an increase of 30.85 per cent over N2.95billion recorded in the corresponding period of 2017.
Reviewing its performance during the seventh yearly general meeting in Lagos, on Tuesday, the Chairman, Femi Agbaje, explained that the bank also increased its Profit After Tax (PAT) by 29.93 per cent from N2.84billion in 2017 to N3.69billion during the period under review.
According to him, the group realised a PBT of N5.57 billion, which represents an increase of 43.93 per cent over N3.87 billion achieved in 2017. Similarly, its PAT rose by 44.95 per cent from N3.27billion to N4.74billion for the period ended December 31, 2018.
Furthermore, earnings per share (EPS) for the group stood at 164 kobo, which is 55kobo higher than the 109 kobo recorded in the financial year ended December 31, 2016.
Agbaje told shareholders that all the subsidiaries posted profits during the period under review. According to him, FSDH Asset Management (FSDH-AM) contributed a profit of N327.70 million to the PAT of the Group, while Pensions Alliance Limited (PAL), and FSDH Securities (FSDH-SEC) added N1.31billion and N96.16 million, respectively.
According to him, these translate to increases of 2.55 per cent, 32.59 per cent, and 103.04 per cent for FSDH-AM, PAL, and FSDH-SEC, respectively.
He attributed the improved performance to robust digitisation initiatives adopted by the bank, which ultimately enhanced its operational efficiency and improved its innovativeness.