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First Bank moves to gain merchant banking licence

17 June 2014, 19:18

Lagos -  FBN Holdings Plc, the parent company of First Bank says it is making arrangement to acquire a merchant banking licence through its Investment Banking and Management subsidiary.

FBN Holdings Group Chief Executive Officer Bello Maccido made the announcement in Lagos at the company's "Facts Behind the Figures'' held at the Nigerian Stock Exchange (NSE).

Maccido said the anticipated banking diversification would enable the company to enhance project finance potential.
It will also enhamce access to the fixed income and foreign exchange trading market segment.

According to him, the initiative will strengthen the company's funding base and boost the dividend accruable to the shareholders.

On the group's 2014 to 2016 strategic plans, Maccido said that it would invest in its subsidiaries to drive growth and leverage contributions from the non-banking subsidiaries.

Maccido also said that the company would commence general insurance business with the acquisition of Oasis Insurance Plc.

He said that FBN Holdings suffered an estimated revenue loss of N32.5 billion in 2013 due to regulatory policies.
Maccido identified the regulatory policies to include increase in Cash Reserve Ratio for public sector funds, revised banking charges, removal of charges on Automated Teller Machines (ATM) transactions.

He also said that increase in the Asset Management Company of Nigeria (AMCON) levy from 0.3 percent to 0.5 percent of total assets affected the company's revenue.

He said that the company's net interest income grew by 1.5 per cent to N230.12 billion against N226.61 billion achieved in 2012.

He, however, said that its profit before tax declined by 2.8 per cent to N91.34 billion compared with N93.9 billion posted in 2012.

Its profit after tax stood at N70.63 billion against the N76.80 billion posted in 2012.

He also said that the commercial banking group posted a profit before tax of N87.46 billion, compared with N87.14 billion achieved in the preceding year.

Maccido said the banking group witnessed 8.9 per cent growth in gross earnings from N341.96 billion in 2012 to N372.56 billion within the period under review.

Earlier, the Chief Executive Officer of the NSE, Mr Oscar Onyema, commended FBN Holdings for their commitment in providing the market with investment driven information.


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