The Group Chief Executive Officer of
Speaking at the "Facts Behind the Figures" presentation at the
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.
According to him, the target of
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
Maccido noted that the increasing rural penetration and growing middle class allied with largest retail distribution network in
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