FSDH Profit Before Tax Rose by 43.93 Per Cent to N5.57 Billion
The Chairman, FSDH Merchant Bank Limited, Femi Agbaje, during the company’s 7th Annual General Meeting on Monday said its profit before tax rose by 43.93 per cent to N5.57 billion for the financial year ended December 31, 2018, from N3.87 billion for the year ended December 31, 2017.
“The results I am presenting today represent the statement of affairs for our sixth year of operations as a merchant bank having started full merchant banking operations on 15 January 2013,” he said.
He disclosed that the profit after tax for the group increased by 44.95 per cent from N3.27 billion in 2017 to N4.74 billion in 2018.
The chairman said that the earnings per share for the group was 164 kobo which was 55 kobo higher than the 109 kobo that was recorded in the financial year ended December 31, 2016.
On the bank’s performance, he stated that, “The bank realised a PBT of N3.86 billion for the financial year ended December 31, 2018, which represents an increase of 30.85 per cent over the PBT of N2.95 billion recorded in the financial year ended December 31, 2017.
“Similarly, PAT for the bank increased by 29.93 per cent from N2.84 billion for the year ended December 31, 2017, to N3.69 billion for the year ended December 31, 2018. During the period under review, all our subsidiaries posted profits.”
He said that the FSDH Asset Management contributed a profit of N327.70 million, while Pensions Alliance Limited and FSDH Securities added N1.31 billion and N96.16 million respectively to the profit after tax of the group.
“When compared with the PAT for the year ended December 31, 2017, this translates to an increase of 2.55 per cent, 32.59 per cent, and 103.04 per cent for FSDH-AM, PAL and FSDH-SEC, respectively,” he said.
While thanking the stakeholders of the group for the performance, he said, “I will like to assure you all that FSDH Group will continue to justify the confidence reposed in it.”