Bank Achieves 283% PBT Growth as It Marks a Decade of Operations
Coronation Merchant Bank has announced a profit before tax (PBT) of N13.4 billion for the 2024 financial year, reflecting a substantial 283% increase over the previous year’s performance. The financial results were revealed during the bank’s 10th Annual General Meeting, held at its Victoria Island Head Office in Lagos.
Robust Financial Performance Across Key Metrics
Profit after tax surged by 303%, rising to N12.9 billion from N3.2 billion in 2023. Gross earnings also showed strong growth, increasing by 58% year-on-year to reach N97.1 billion. These figures underscore the institution’s enhanced operational efficiency and market relevance.
Chairman Emphasizes Strategic Progress and Vision
Chairman Babatunde Folawiyo attributed the strong financial showing to the bank’s strategic resilience and sound governance practices.
“At Coronation, our goal is to build a long-lasting institution anchored in clear purpose and robust governance,” Folawiyo stated. “This year’s results are not just a reflection of our progress—they are a signal of our commitment to redefining merchant banking in Africa.”
Strengthened Balance Sheet and Asset Growth
According to the report, shareholders’ equity rose to N45.8 billion, while total assets climbed to N558.6 billion, up from N524.5 billion in the prior year. Return on average equity nearly doubled to 19%, highlighting improved capital efficiency.
Leadership Views 2024 as Pivotal Year
Paul Abiagam, Acting Managing Director/CEO of the bank, described 2024 as a key inflection point driven by macroeconomic and regulatory changes.
“This year represented a turning point. Despite widespread economic reforms, we achieved triple-digit growth across critical indicators and exceeded all internal benchmarks,” he noted. “Our goal remains to become the most respected merchant bank in Nigeria and across the continent.”
Strategic Expansion and Market Impact
In line with its growth strategy, the bank launched three new verticals—Public Sector, Financial Institutions, and Affluent Banking—to strengthen client engagement and expand sector coverage. Coronation Merchant Bank also played a pivotal advisory role in equity capital market activities, supporting fundraises for four of Nigeria’s leading banks amid the Central Bank’s recapitalisation efforts.
Strong Deposit Base and Prudent Risk Management
Customer deposits increased to N187.4 billion, while total risk assets were maintained at a prudent N136.6 billion, down from N166.2 billion in 2023. These outcomes reflect the bank’s focus on risk-adjusted growth and operational discipline.
Outlook: Digital Innovation and Sustainable Growth
Looking ahead, Coronation Merchant Bank reiterated its commitment to market leadership, digital transformation, and long-term value creation. The bank aims to drive sustainable growth and solidify its status as a transformative player in the Nigerian financial services sector.