FBNQuest Merchant Bank posts N16.4bn profit

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FBNQuest Merchant Bank saw its profit before tax grow by 56.2 per cent to N16.4bn in the 2018 financial year from N10.5bn in 2017.

The FBNQuest business group maintained profitability and recorded steady growth in some of its business lines, according to a statement.

Its total revenue increased by 8.6 per cent year-on-year to N40.96bn from N37.72bn in December 2017.

The main contributors were identified as asset management, corporate banking, trustees and fixed income, currencies and trading businesses.

The bank said assets under management across the group (FBNQuest Asset Management and FBNQuest Trustees) increased by five per cent to close at N261bn, compared to N248.5bn in December 2017.

It said the asset management business had remained strong in the competitive ranking among its peers, based on the Securities and Exchange Commission-registered funds, maintaining the second position in the industry, same as the prior year.

According to the statement, total assets closed at N218.6bn, representing a 1.1 per cent y-o-y increase from N216.2bn in December 2017, and the businesses in the group remain well capitalised with total group equity of N44bn.

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