FSDH posts N3 billion profit in 2014, recommends N748 million dividend

FSDH Merchant Bank Limited has posted a profit after tax of N3 billion for the 2014 financial year, against N2.62 billion achieved in the previous year.

Besides, directors of the company are recommending the sum of N747.62 million dividend, culminating to 26.75 kobo per share due to every shareholder of the company.

Specifically, the bank’s financial statement for the period ended 31 December, 2013 showed a profit after tax of N3.028 billion, representing 15.72per cent rise over N2.62 billion recorded in 2013.

The Group’s profit before tax stood at N3.64 billion. This represents an increase of 76.33per cent over the N2.07 billion recorded during the year ended December 31 2013.

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

Speaking at the pre-yearly general meeting’s briefing in Lagos recently, the Managing Director of the company, Rilwan Belo-Osagie, explained that earnings per share (EPS) for the group stood at 104 kobo, which represents 11 kobo more than the 93 kobo that was earned in the previous financial year.

According to the company, the increase in profitability was as a result of three major factors, namely increase in interest income and fees from the growth in our 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 assured shareholders that the company would continue to operate in a conservative style of building a portfolio of risk assets that will stand the test of time; as well as keeping to the demands of customers through the provision of world class financial services at all times.

“The new year 2015 marks the third year of our operations as a Merchant Bank. 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.

“We are confident that we will continue to maximise shareholder value by constantly realigning and diversifying our operations to take full advantage of unfolding opportunities as they arise.

“We also take this opportunity to thank our stakeholders and clients for their confidence in FSDH and the continued support and patronage,” he said.