Coronation Merchant Bank has reported a profit before tax of N13.4bn for the 2024 financial year, representing a 283 per cent increase from the previous year.
This was disclosed during the bank’s 10th Annual General Meeting, held at its Head Office in Victoria Island, Lagos, recently, where shareholders, board members, and executives gathered to reflect on a decade of performance and strategic progress.
The merchant bank also posted a profit after tax of N12.9bn, marking a 303 per cent increase from N3.2bn recorded in 2023. Gross earnings rose by 58 per cent year-on-year to N97.1bn, underscoring the bank’s strong revenue performance.
Chairman of the bank, Babatunde Folawiyo, said the financial results affirmed the institution’s strategic direction and long-term resilience.
“At Coronation, we are building an enduring institution rooted in sound governance and driven by a clear purpose.
As we celebrate our tenth anniversary, we reflect on a decade of progress and look ahead with renewed determination,” Folawiyo said.
He added, “Our performance this year is both validation and motivation. We are not just keeping up. We are moving markets, shaping outcomes, and redefining merchant banking in Africa.”
According to the bank, shareholders’ funds strengthened to N45.8bn, while total assets rose to N558.6bn from N524.5bn in the previous year. Return on average equity nearly doubled to 19 per cent, indicating increased capital efficiency and operational discipline.
The acting Managing Director/Chief Executive Officer of Coronation Merchant Bank, Paul Abiagam, described the year 2024 as a turning point for the bank, driven by regulatory reforms and macroeconomic shifts.
“The year 2024 marked an inflection point. Amid economic reform and regulatory transition, we achieved triple-digit earnings growth and outperformed all internal benchmarks,” Abiagam said.
“Our ambition is clear. We aim to be the most respected Nigerian merchant bank on the continent. We will continue to unlock value for clients, deepen stakeholder trust, and deliver sustainable returns,” he added.
During the period under review, Coronation Merchant Bank introduced three new business verticals: Public Sector, Financial Institutions, and Affluent Banking. This move, according to the bank, is part of efforts to enhance sector-specific coverage and strengthen client engagement.
The bank also played a key advisory role in Nigeria’s equity capital markets by supporting capital raises for four of the country’s top seven banks in line with the Central Bank of Nigeria’s recapitalisation directive.
Customer deposits rose to N187.4bn, while the bank prudently managed total risk assets at N136.6bn, compared to N166.2bn recorded in 2023.
Looking forward, the bank reaffirmed its commitment to sustainable profitability, digital innovation, and broader market leadership as it sets its sights on becoming a transformative force in Nigeria’s merchant banking sector.
The PUNCH reported that Coronation Merchant Bank grew its gross earnings by 62 per cent to N61.6bn for the year ending December 31, 2023.
