FSDH sees sustained slow recovery in short term
The Chief Executive Officer of the bank, Mrs. Hamda Ambah, who made the observation, during the lender’s post-yearly meeting’s press briefing, however, said the country’s full recovery would depend on the quality and quantity of solutions offered and implemented.
She said that collective behaviour has something to do with ongoing challenges and it is when everyone takes responsibility, especially when the critical mass stand for what is right, that the country can move to higher level.
According to her, the Nigerian economy would continue to recover in the short-to-medium term, given the expected increase in activity, which offers growth opportunities to various sectors, though below the desirable speed that it used to be years past.
Speaking on the country’s debt issues, she said that raising money to finance development is a good thing, but it would be a pity when we have an equal amount of money going into subsidy after borrowing.
“I think it is the way the message is spread that is the problem. Nobody, even I, would not agree to petrol price increase, but if we explain it properly that by removing the subsidy, we will have better transportation, education and healthcare, among other things, people will understand,” she said.
She noted that it is a difficult decision, but worthwhile, given its positive effect on the economy and as much as government would deliver on those plans and be accountable to the people.
Meanwhile, the banker said the financial institution is committed to fostering mutually beneficial relationships with customers by providing tailored solutions that meet their specific needs.
Ambah said FSDH Group will also continue to work within a robust risk management framework leveraging on technology.
“We will also continue to collaborate with like-minded partners to develop innovative financing and investment solutions which will enable us to exploit emerging opportunities and create shared prosperity in 2019,” she said.
The lender, in its seventh yearly general meeting as a merchant bank, declared a profit before tax of N6.75 billion for the financial year ended December 31, 2018.
The record represented an increase of 21.4 per cent from N5.57 billion achieved in the corresponding period of December 31, 2017.
The Group also posted an increase of 13.2 per cent in Profit After Tax (PAT) to N5.37 billion from N4.74 billion for the previous year, while earnings per share for the group was 166 kobo, which is two kobo more than 164 kobo earned in the previous financial year.
During the period under review, all the subsidiaries posted profits, with FSDH Asset Management recording PAT of N326.87 million; while Pensions Alliance Limited and FSDH Securities recorded N1.47 billion and N64.16 million respectively.
Already, a dividend of N3.07 billion has been declared for the financial year ended December 31, 2018, against N2.21 billion dividend in 2017, translating to 110 kobo per share, compared with 79 kobo per share in 2017.
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