Thisday reports,
The Group Chief Executive Officer of FBN Holdings Plc, Mr. Bello Maccido, yesterday said the company is putting the needed strategies in place to deliver higher returns to shareholders in the years ahead.
Speaking at the “Facts Behind the Figures’’ presentation at the Nigerian Stock Exchange (NSE) in Lagos, Maccido said FBN Holdings has recorded significant growth across all financial metrics, assuring that the trend would be improved upon the headwinds in the industry notwithstanding.
He said deposits, which stood at N1.3 trillion in 2009 rose to N2.9 trillion in 2013, gross earnings grew from N194 billion to N396 billion in 2013. Profit before tax grew from N12 billion to N91 billion, while total assets rose from N2.2 trillion to N3.9 trillion. Return on equity, he said, improved from four per cent in 1999 to 16 per cent in 2013.
Maccido said part of the strategies is the securing of a merchant banking license for its Investment Banking and Asset Management (IBAM) subsidiary.
According to him, a merchant banking license will enable the subsidiary trade fixed income and other securities, which will enhance its overall contribution to the group. IBAM contributed 10 per cent to the group’s profit in 2013.
According to him, the target of FBH Holding is to “become the pre-eminent financial services group in middle Africa, providing value to our customers and distinctive returns to our shareholders.”
He said the company would invest to drive tangible growth in each subsidiary, increase relative contributions of non-bank subsidiaries and foster collaboration across and within the subsidiaries.
“We will obtain a merchant banking license, build a distinctive transaction banking platform, build a credible broad based sales and trading platform for IBAM, diversify brokerage to serve new segments and increase footprint expand the scale of micro finance while optimising cost structure by leveraging technology,” he said.
Maccido noted that the increasing rural penetration and growing middle class allied with largest retail distribution network in Nigeria, positions FBN Holdings as the largest beneficiary.
Source: Thisday