FSDH Merchant Bank has recorded 44 percent increase in Profit before Tax, PBT, which rose to N5.56 billion in the financial year ended December 2017. Managing Director/Chief Executive, FSDH Merchant Bank, Mrs. Hamda Ambah disclosed this at the pre-annual general meeting press briefing held at the banks’ head office in Lagos.
She disclosed that the board is proposing dividend of N2.21 billion, which translates to 79 kobo per share.
She said: “In the financial year under review, the FSDH Group recorded a total asset size of N151.7billion. The group’s shareholders’ funds stood at N34.62 billion as at December 31, 2017; a 24.26 percent increase from the position of N27.86 billion for the financial year ended 31 December, 2016.
“The Group achieved a Profit before Tax (PBT) of N5.56 billion for the financial year ended December 31 2017. This represents an increase of 44 percent when compared with the profit of N3.86 billion for the year ended December 31 2016.
“Profit after tax attributable to the group increased by 45.4 percent to N4.74 billion from N3.26 billion for the previous year. Earnings per share (EPS) for the group were 164 kobo, which is 55 kobo more than the 109 kobo earned in the previous financial year. “During the period under review, all our subsidiaries posted profits. FSDH Asset Management (FSDH-AM) recorded a Profit after Tax of N327.7 million, while the PAT recorded by Pensions Alliance Limited (PAL) and FSDH Securities (FSDH-SEC) were N1.31billion and N96.16 million respectively.”
Ambah assured that the bank is focused on improving on its performance in the 2018 financial year, notwithstanding the challenges in the economy.
She said, “The year 2018 marks the sixth year of our operation as a Merchant Bank. In spite of the challenges in the financial markets and global economy, we remain focused on ensuring that we continuously improve the performance of the group. It is clear to us that this can only be achieved if we focus on the delivery of enhanced products and services to our valued clients in order to address their growing and changing requirements.
“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.”