Coronation Merchant Bank Limited has reported total assets of 28 per cent of N136.7 billion in the 2017 financial year against the N106.6billion, which was reported in 2016.
The Group’s Shareholder’s fund also went up to N29.5 billion in 2017, from N25.9 billion in the comparative period of 2016. Loans and advances to customers increased to 42 per cent to N32.3billion as at Dec 2017, compared with N22.7billionn 2016. Customer deposits also increased to 43 per cent to N76.4 billion in 2017, from N53.4 billion in 2016- a valid testament to the resilience of the group’s operations and its adaptability to current market realities and challenges.
Speaking at the bank’s Annual General Meeting in Lagos on Friday, Group Managing Director/Chief Executive of Coronation Merchant Bank Limited, Abu Jimoh, said despite the tough market conditions that characterised significant parts of the year, the bank posted a Profit Before Tax of N5.1billion in the 2017 review period.
He explained that the underlying business fundamentals of the bank remained strong as reflected in the gross earnings of 66 per cent of N25.5 billion in the review period.
“As we progress in our journey to become Africa’s premier Investment bank, we remain committed to providing our clients with superior financial services whilst generating attractive and sustainable returns for shareholders,” he said.
According to him, the impressive results of the bank in the last three years demonstrated the effectiveness of their strategy, the quality of their past decisions and the commitment of the board and management to maximise shareholder value, “whilst we actively expand the franchise in our markets, where we believe we have a competitive advantage.”
Analysis of the bank’s financial statement showed that the bank recorded an improvement across key performance metrics in the 2017 financial year.
“Our interest income growth of 67 per cent and non-interest income growth of 57 per cent in 2017 re-affirms the sustainability of our core business growth. We will continue to gain momentum in our efforts to achieve more diversified earnings, as we strengthen our subsidiaries offerings,” he added.