First bank Hits N35.5 Billion Gross Earnings

Despite navigating a complex economic landscape marked by policy shifts and market volatility, the bank’s profit before tax (PBT) has increased to N4.09 billion, a 36 per cent rise from the previous year.

A major focus of the year was the performance of the bank’s asset management division, which saw assets under management exceed N600 billion as of December 2023.

During the annual report presentation at the yearly general meeting, which reviewed the year ended December 31, 2023, the Chairman of the Board of Directors, Bello Maccido, has applauded the bank’s strategic response to the year’s unprecedented challenges.

He said, “2023 tested our resilience and adaptability. Our ability to thrive amid such challenges underscores our commitment to excellence."

Maccido further expressed optimism about the bank’s prospects in 2024, citing enhanced opportunities for growth across various business lines.

He said, “We are dedicated to purposefully and responsibly driving revenue growth. Our solid financial performance and strategic initiatives position us well for sustained success in a dynamic economic environment."

Similarly, he noted that with its governance structures aligned with international best practices and regulatory guidelines, FBNQuest Merchant Bank is poised for continued growth and industry leadership.

The shareholders approved Afolabi Olorode as Acting Managing Director after receiving the necessary approval from the Central Bank of Nigeria (CBN).

.