The Board of the VFD Group at its 5th Annual General Meeting (AGM) assured shareholders that it will leverage on the 2020 financial year performance, to provide valuable financial market services.

VFD Group achieved gross earnings of N6.65bn in 2020, or a 96% increase from 2019’s N3.39bn and a 32% growth in other incomes to N5.33bn in 2020. The growth in earnings resulted in a profit before tax (PBT) of N4.08bn or a 173% increase from 2019.

Mr. Olatunde Busari, SAN, the Chairman of the company’s Board of Directors noted that despite the adverse effect of the COVID-19 pandemic on the economy, VFD Group expanded its business focus into industries and sectors that allowed it to build a strong financial service franchise.

According to him during the year 2020, the group finalized the acquisition of a significant stake in Anchoria Investment Securities Limited and Atiat Insurance Brokers Limited. He said the focus in 2021 would be to build the route to becoming a commercially viable proprietary investment company.

For the Group Managing Director of VFD, Mr. Nonso Okpala, operational gains in the treasury and fixed income markets translated to a successful financial year in 2020.

In another report, Brand Spur Nigeria earlier reported that VFD Group Plc has stated that it will intensify its quest to obtain a commercial banking licence from the Central Bank of Nigeria (CBN) before the end of 2023.

Group Managing Director/Chief Executive Officer of the VFD Group, Mr. Nonso Okpala, during the group’s fifth Annual General Meeting (AGM) held in Lagos said,

“While we are yet to conclude our plans of acquiring a commercial bank license and an insurance company, we are well placed to achieve this way ahead of the timeframe of 2023.”

Our application for a commercial banking license remains in the works and at an advanced stage. We are in constant engagement with the regulatory authorities, and we would provide an update to all stakeholders as we make progress.

“Learning from the past 12 months, it is instructive that we refocus our customer-facing businesses to become dynamic, leveraging technology to create an omnichannel experience that will meet our customers’ needs while allowing us to be lean and efficient. Hence, our micro-finance bank will begin the transition to a full digital entity offering diverse innovative financial solutions to our esteemed customers.”

SOURCE:https://brandspurng.com/2021/06/02/vfd-group-reports-173-rise-in-profit-to-n4-08b-pays-dividend-of-8-50k/

What do they need a commercial banking licence for?

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