FSDH Merchant Bank posts 76.33% rise in PBT

FSDH Group recorded a profit before tax (PBT) of N3.64 billion for the financial year ended December 31, 2014, representing an increase of 76.33 percent over the profit before tax of N2.07 billion for the year ended December 31, 2013.

Profit after tax of the group rose to N3.028 billion, which is 15.72 percent above the N2.62 billion for the previous year.

At the end of 2014 financial year, the FSDH Group had a total asset size of N114.5 billion.

The size of the group’s shareholders’ funds stood at N25.4 billion as of December 31, 2014, a 7 percent increase from the position of N23.7 billion for the financial year ended  December 31,2013.

Rilwan Belo-Osagie, CEO, FSDH Merchant Bank, disclosed the result during the pre-AGM briefing of FSDH Merchant Bank Limited, held in Lagos.

Belo-Osagie said the increase in profitability was as a result of three major factors, namely increase in interest income and fees from the growth in the group’s loan book, income from securities trading and income from our investment activities.

“During the period under review, all our subsidiaries posted profits. For FSDH Asset Management (FSDH-AM), it contributed a profit after tax of N319.46 million, while Pensions Alliance Limited (PAL) and FSDH Securities (FSDH-SEC), added N727.12 million and N27.96 million, respectively to the profit after tax of the group,” he said.

Meanwhile, the board of directors is recommending the sum of N747.62 million as dividend payment for the year ended December 31 2014. The amount translates to 26.75k per share.

While disclosing some its activities for the year 2015, Belo-Osagie noted that the year 2015 marked the third year of its operations as a Merchant Bank, saying “we intend to continue with our time-tested conservative approach of building a portfolio of risk assets that will stand the test of time; while ensuring that we meet the demands of our customers through the provision of world class financial services at all times.”

The bank is confident that it will continue to maximise shareholder value by constantly realigning and diversifying its operations to take full advantage of unfolding opportunities as they arise, he said.

This he said will be done by building more customer base in terms of increasing its products for customer satisfaction.

He however applauded stakeholders and clients for their confidence in FSDH and the continued support and patronage

“Our AGM also serves as the platform through which we update our shareholders about our activities and financial performance in the previous financial year and to articulate our plans for the future,” he said.