Skip to main content

Coronation Merchant Bank Records 62% Growth in Gross Earnings to ₦61.6bn in 2023




Convenes 9th Annual General Meeting


Lagos, Nigeria. June 21, 2024 - Coronation Merchant Bank recently held its Annual General Meeting at Victoria Island, Lagos, reflecting on a year of remarkable financial recovery and strategic advancements. 


The Bank reported robust financial performance for the fiscal year ending December 31, 2023, showcasing significant growth in key metrics despite a challenging economic environment.


Financial Highlights


• Gross Earnings: N61.6 billion, a 62 percent increase over 2022


• Profit Before Tax: N3.47 billion, marking a significant recovery from a loss in 2022


• Shareholders’ Funds: 16.5 percent increase to N37.33 billion (Dec 2022: N31.99 billion)


• Return on Equity: 9 percent from -26 percent in 2022


• Earnings per share 51.56kobo (2022: -173kobo)


Key Ratios


• Capital Adequacy Ratio: Improved to 12.6 percent from 10.2 percent in 2022


• Loan to Funding Ratio: Remained steady at 79 percent 


• Non-Performing Loan (NPL) Ratio: Maintained at 0 percent 


• Liquidity ratio: 64.4 percent (2022: 55.6 percent)


Commenting on the results, the bank's MD/CEO Banjo Adegbohungbe stated, "Our financial performance in 2023 underscores the resilience of our strategic vision and the dedication of our team. 


Despite formidable headwinds, we achieved gross earnings of N61.6 billion, a 62 percent increase over 2022. Profit Before Tax rose to N3.47 billion, a remarkable recovery from the previous year's loss. 


This performance highlights our commitment to sustainable growth and value creation for our stakeholders."


Mr. Babatunde Folawiyo, Chairman, Coronation Merchant Bank Limited, remarked; "While 2023 presented significant challenges due to macroeconomic headwinds that impacted our financial performance, we have remained steadfast in our conviction that the invaluable lessons from the past two years will propel us towards improved performance and returns for our stakeholders. 


We have not only weathered the storm but have truly harnessed its winds. Our initiatives in 2023 yielded positive outcomes, demonstrating our unwavering resolve and commitment to continuous value creation. The confidence of our clients is the vital force propelling our enterprise, and we remain fiercely committed to nurturing it. We are optimistic about the future trajectory of our Bank and are committed to delivering value to our customers."


Operational Milestones


In 2023, Coronation Merchant Bank continued to cement its position as a leading financial institution in Nigeria. 


Significant milestones achieved in 2023 include:


• Investment Banking: A 27 percent increase in mandates, affirming our leadership in the sector.


• International Recognition: Retaining our position as the first and only Nigerian Merchant


Bank with an international risk rating.


• Awards: Receiving the prestigious "Best Investment Bank in Nigeria, 2023" award from World


Finance for the 6th consecutive year.


"Our vision to become the preeminent institution in trade finance, investment banking, corporate banking, and treasury drives us forward," said Deputy Managing Director, Paul Abiagam. 


"The recognition from World Finance and our sustained top 10 ranking on the FMDQ Treasury league table for the sixth consecutive year validate our relentless pursuit of excellence."


Coronation Merchant Bank Ltd.


Public


Prudential Ratios


The Bank's prudential ratios remained robust, reflecting sound risk management and financial capacity. The Capital Adequacy Ratio stood at 12.6%, an improvement from 2022. The Liquidity Ratio closed at 64.4%, and the Loan-to-Funding Ratio remained at 79%. 


Notably, the NPL Ratio was sustained at 0 percent for the eighth consecutive year, underscoring our commitment to high asset quality and effective credit risk management.


Outlook for 2024


Looking ahead, the Bank anticipates a period of modest GDP growth, persistent inflationary pressures, and improved foreign exchange liquidity driven by ongoing reforms and increased foreign investments. Despite challenges, the Bank remains poised to harness economic headwinds and explore new growth avenues.


"We are ready to chart new paths of progress in 2024 by identifying and pursuing emerging opportunities, maintaining exceptional customer service, and leveraging our robust and diversified business model," concluded Mr. Abiagam. 


"We are confident in our ability to sustain our trajectory of earnings growth and deliver superior returns to our shareholders."


Coronation Merchant Bank's dedication to excellence continues to set it apart in the African merchant banking subsector. 


The Bank’s recent 4-step upgrade by Fitch Ratings underscores its commitment to prudent financial management and operational excellence. 


Coronation Merchant Bank remains focused on delivering exceptional customer experience and fostering a prosperous financial future for its clients and the African continent.


Coronation Merchant Bank Limited was established in 2015 to provide wholesale banking to a long- underserved market. 


The Bank offers Corporate & Investment Banking, Private Banking/Wealth Management and Global Markets/Treasury Services to its niche clientele. It is the first and only merchant bank in Nigeria with an international risk rating. It presently has two branches in Abuja and Port Harcourt with its Head Office in Lagos, Nigeria.


The Bank has been the recipient of numerous international and national awards including Best Investment Bank in Nigeria by Global Finance, Best Investment Bank in Nigeria by World Finance, Best Investment Bank in Nigeria by Global Banking & Finance Review, Best Investment Bank by Global Business Outlook, Best Investment Bank in Nigeria by International Finance and Best Investment Bank in Nigeria at the BusinessDay Banking and Financial Institution Awards.




Comments

Post a Comment

Popular posts from this blog

CBN sets 15kobo per transaction limit for contactless payments

  ABUJA - The Central Bank of Nigeria (CBN) has just released a circular announcing the new transaction limits for contactless payments in the country, effective June 27. The circular was signed by Musa Jimoh, the bank's Director of Payment Systems Management Department, made available via the verified Tweeter handle of the bank. According to the CBN’s Guidelines on Contactless Payments in Nigeria, contactless payments through accounts or wallets in Nigeria will have a transaction limit of N15,000 and a daily cumulative limit of N50,000. This means that customers can make contactless payments of up to N15,000 per transaction and up to N50,000 per day without entering their PIN or biometric verification. The move is aimed at enhancing the security and convenience of contactless payments, which use technologies such as Near Field Communication (NFC) and Quick Response (QR) codes to enable customers to pay without physical contact with the merchant or the payment terminal. **Advertise...
Post a Comment
Read more

Unruly passenger of Ibom Air faces flight disruption charges -- NCAA confirms

Editor 1 LAGOS -- The Nigeria Civil Aviation Authority (NCAA), has confirmed that the unruly passenger in the Ibom Air saga, Ms Chiamaka Ubani, was on January 10, docked at Uyo Magistrates' Court by the Nigerian Police for flight disruption charges.  This was confirmed by the authority's Director, Public Affairs and Consumer Protection, Mr Micheal Achimugo in a post on his official X handle. Achimugo said that the defendant is facing a two-count charge bordering on intentionally and maliciously causing obstruction and public nuisance. According to him, she intentionally and maliciously prevented the door of the aircraft from closing and causing obstruction of flight Q1528 from flying, thereby committed an offence punishable under section 436 of the criminal code, Cap. 39, Vol. 2, laws of Akwa Ibom State." While on count 2, Ubani constituted herself into a public nuisance by obstructing flight Q1528 from flying at the scheduled time, an act which caused inconvenience or da...
Post a Comment
Read more

Finchglow Holdings Chairman praised as he receives Honorary Doctorate

Editor 1   LAGOS - Finchglow Holdings has celebrated its Chairman, Mr. Kolawole Adesina, who was recently awarded an honorary doctorate degree of science (D.Sc) at the 55th Convocation ceremony of the University of Lagos.  Mrs. Temilade Adu, Public Relations Manager, Finchglow Holdings made the disclosure in a statement on Sunday. This prestigious recognition highlights Dr. Adesina’s significant contributions to leadership and nation-building, as well as his dedication to advancing the energy and infrastructure sectors in Nigeria and beyond. Adesina, who serves as the Group Managing Director of Sahara Power Group, an energy and infrastructure organisation with operations in 42 countries, was celebrated alongside other distinguished individuals for their exceptional impact on Nigeria’s development. Commenting on the recognition, the Group Managing Director of Finchglow Holdings, Mr. Bankole Bernard said: "This honor is a reflection of Dr. Adesina’s relentless drive for transfor...
Post a Comment
Read more