FSDH Merchant Bank group, which marked seventh year of operating as a merchant bank this year, has declared a total dividend of N3.07 billion to its shareholders for the financial year ended 31 December 2018.
This represents a 38.91 percent increase over the level of N2.21 billion it paid to the shareholders in the corresponding period of 2017. The amount translates to N1.10k per share as against N0.79k per share in 2017.
FSDH Group achieved a profit before tax (PBT) of N6.7 billion for the financial year ended 31 December 2018, representing an increase of 21.4 percent from the profit of N5.57 billion for the year ended 31 December 2017.
Profit after tax (PAT) attributable to the group increased by 13.2 percent to N5.37 billion from N4.74 billion for the previous year.
Earnings per share (EPS) for the group was 166 kobo, which was 2 kobo more than the 164 kobo earned in the previous financial year.
During the period under review, all its subsidiaries posted profits. Consequently, FSDH Asset Management (FSDH-AM) recorded a PAT of N326.87 million, while the PAT recorded by Pensions Alliance Limited (PAL) and FSDH Securities (FSDH-SEC) were N1.47 billion and N64.16 million respectively.
Speaking at the annual general meeting in Lagos, Femi Agbaje, Chairman, said, “We expect that the Nigerian economy will continue to recover in the short-to-medium term. The expected increase in activity in the Nigerian economy should offer growth opportunities for many sectors of the economy”.
Hamda Ambah, managing director/CEO of the bank, said the bank remains committed to fostering mutually beneficial relationships with our customers by providing tailored solutions that meet their specific needs.
“The FSDH Group will continue to work within a robust risk management framework leveraging on technology”, she said. “By deploying technology, we will be able to further leverage same to bring funds cheaply and more like the commercial banks”.
“We will also continue to collaborate with like-minded partners to develop innovative financing and investment solutions which will enable us to exploit emerging opportunities and create shared prosperity in 2019”, she added.
Source: By HOPE MOSES-ASHIKE