Lagos, June 21, 2024. Coronation Merchant Bank Ltd. on Friday said that its gross earnings grew to N61.6 billion for the year ended Dec. 31, 2023.
The figure represents 62 per cent growth when compared to N37.9 billion recorded in 2022.
Mr Babatunde Folawiyo, Chairman, Coronation Merchant Bank, said this at the ninth Annual General Meeting (AGM) of the financial institution held in Lagos.
Folawiyo stated that the bank reported a robust financial performance and recovery for the year under review and showcased significant growth in its key metrics despite a challenging economic environment.
He highlighted that the bank’s profit before tax also increased by 58.1 per cent to N3.47 billion in year 2023, marking a significant recovery from a loss of N8.28 billion in 2022.
According to him, the bank’s shareholders’ funds rose by 16.5 per cent to N37.33 billion in the year under review, compared to N31.99 billion posted in 2022 financial year.
The chairman said the financial institution’s Return on Equity for year 2023 also went up to nine per cent from a loss of 26 per cent recorded in year 2022.
“Earnings per share of the bank advanced to N51.56, as against a negative of 173k posted in 2022, Capital Adequacy Ratio improved to 12.6 per cent from 10.2 per cent recorded in 2022.
“Also, the bank’s Loan to Funding Ratio remained steady at 79 per cent, its Non-Performing Loan (NPL) Ratio maintained zero per cent, while its Liquidity ratio stood at 64.4 per cent, in contrast to 55.6 per cent posted in year 2022,” he said.
According to him, 2023 presented significant challenges due to macroeconomic headwinds that impacted on the bank’s financial performance.
He, however, said that in spite of the challenges, the institution remained steadfast in its conviction that the invaluable lessons from the past two years would enhance its performance and returns for stakeholders.
Folawiyo noted that the bank’s initiatives in 2023 yielded positive outcomes, demonstrating its unwavering resolve and commitment to continuous value creation.
He added that the confidence of
its clients was the vital force propelling the enterprise, and it remained fiercely committed to nurturing it.
The chairman expressed optimistm on the future trajectory of the bank and assures of commitment to delivering value to its customers.
“In 2023, Coronation Merchant Bank continued to cement its position as a leading financial institution in Nigeria.
“Our significant milestones achieved in 2023 include 27 per cent increase in investment banking, affirming our leadership in the sector.
“We have also retained our position as the first and only Nigerian Merchant Bank with an international risk rating,” Folawiyo added.
Commenting, Mr Banjo Adegbohungbe, Managing Director, Coronation Merchant Bank, said that the bank’s financial performance in 2023 underscored its resilience and strategic vision and the dedication of its team.
Adegbohungbe stated that despite formidable headwinds, the financial institution achieved a remarkable recovery from its previous year’s loss.
He explained that the performance highlighted the bank’s commitment to sustainable growth and value creation for its stakeholders.
Also, Mr Paul Abiagam, Deputy Managing Director, Coronation Merchant Bank, said that the bank’s recognition from World Finance and sustained top 10 ranking on the FMDQ Treasury league table for the sixth consecutive year.
Looking ahead, Abiagam hinted that the bank anticipated a period of modest GDP growth, persistent inflationary pressures and improved foreign exchange liquidity, driven by ongoing reforms and increased foreign
investments.
“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.
“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,” he said.
Coronation Merchant Bank was established in 2015 and offers corporate, as well as investment banking, private banking and wealth management, global markets and treasury services to its niche clientele.
