FBNQuest Merchant Bank records 43.1% rise in gross earnings to N35.5bn

FBNQuest Merchant Bank, the investment banking and asset management subsidiary of FBN Holdings Plc has achieved a revenue of N35.5bn for FY 2023, representing a 43.1% growth.

This was disclosed at the ninth Annual General Meeting of the bank.

Speaking on the floor of the AGM, the Chairman of the Board of Directors of FBNQuest Merchant Bank, Bello Maccido, commended the bank’s resilience in navigating through the complexities of the operating environment in 2023.

“2023 was a year filled with unprecedented challenges that tested our resilience.  Given the evolving economic landscape which was characterized by shifting government policies and volatile market dynamics, FBNQuest Merchant Bank stood resilient. Our ability to navigate through these challenges underscore our adaptability and unwavering commitment to excellence.

“The asset management business achieved remarkable milestones, hitting above N600bn in Assets under Management at the end of December 2023. The equities business also posted growth in PBT by 182 per cent year-on-year,” he elucidated.

Projecting into 2024, Maccido expressed optimism about the improved outlook and opportunities for the bank.

“We are dedicated to accelerating revenue growth purposefully and responsibly. The bank remains committed to delivering value to its stakeholders and driving growth in the years ahead. Its solid financial performance and strategic growth initiatives position it for continued success in the dynamic economic landscape,” he stated.