FSDH shareholders’ funds stand at N23.7bn
FSDH Merchant Bank Limited, one of the two licensed merchant banks in Nigeria, has reported an increase in its shareholders’ funds for 2013.
Speaking at the pre Annual General Meeting (AGM) yesterday in Lagos, Managing Director of the bank, Mr. Rilwan Bello-Osagie, said the size of the group’s shareholders’ funds stood at N23.7bn as at December 31, 2013 representing a 4.4 per cent increase from the N22.7bn for the financial year ended 31st December, 2012.
The second AGM of FSDH is scheduled for Wednesday April 30, 2014.
According to Bello-Osagie, “The results we are presenting today represent the statement of affairs for our first year of operations as a Merchant Bank, having started full-fledged merchant banking operations on January 15, 2013.”
The merchant bank’s financial year under review had a total asset size of N83.01 billion.
The group achieved a profit before tax of N2.066bn for the financial year ended December 31, 2013. This represents a decline of 8.9 per cent from the position of N2.27bn for the year ended December 31, 2012.