FBNQuest Merchant Bank Records N35bn Revenue, N600bn AUM

FBNQuest Merchant Bank has reported a stellar financial performance, with gross earnings soaring by 43.1 per cent year-on-year to N35.5 billion.

Profit Before Tax (PBT) witnessed a substantial increase of 36 per cent year-on-year, reaching N4.09 billion while PBT for the FBNQuest Merchant Bank Group surged by 91.5 per cent year-on-year to N9.98 billion.

In a statement, Chairman of the Board of Directors, Mallam Bello Maccido said asset under management surpassed N600 billion by the end of December 2023.

He added that the equities business achieved significant growth in PBT, soaring by 182 per cent year-on-year. In line with its commitment to shareholders, the bank declared an interim dividend of N1.01 billion.

He stated, “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 underscores our adaptability and unwavering commitment to excellence.”

Looking ahead to 2024, Maccido expressed optimism about the improved outlook and opportunities for the bank’s various lines of business.

He stated, “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.”