FSDH share­hold­ers’ funds stand at N23.7bn

Daily Trust - - BUSINESS / NEWS - From Kay­ode Ogun­wale, La­gos

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.

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