Coronation Merchant Bank group releases H1 2016 results

Coronation Merchant Bank Group has sustained its impressive record with strong half-year (H1) performance in 2016. The Group’s results reflect transparency and excellence, which are the defining attributes of the Coronation Merchant Bank brand. 

H1 2016 financial results showed a 108% growth in Profit Before Tax (PBT) to N2.74bn from N1.32bn in H1 2015. Profit After Tax (PAT) also more than doubled, rising from N1.2bn in H1 2015 to N2.58bn in H1 2016.
Aside from its strong earning performance, Coronation Merchant Bank Group also witnessed outstanding improvements in its revenue generation capacity as a result of increased efficiency in its funding mix and significant growth in its balance sheet. The Group’s net-interest income rose from N1.63bn in H1 2015 to N3.58bn in H1 2016.  Strategic efforts to grow non-interest income yielded favourable results, as non-interest income increased by 73%, from N527.3m in H1 2015 to N910.5m in H1 2016. Total assets rose from N78.8bn in December 2015 and N71.6bn in H1 2015 to N98.45bn, and shareholders’ funds increased from N20.24bn to N22.73bn. This is a valid testament to the competitiveness of the Group’s operations and its adaptability to market realities.

Earlier this year, Agusto & Co., Nigeria’s foremost rating agency, upgraded the Bank’s credit rating from “A-“ to “A” with stable outlook, which is a valid testament to its “strong capitalisation, good liquidity profile, good asset quality and experienced management team”. As this rating upgrade occurred in the first year of the Bank’s new merchant banking operations, it exemplifies the effectiveness of the Bank’s strategy and operational model. The Bank has adopted a business model that is very risk-focused, and it is committed to the adoption of conservative risk management practices. Furthermore, it predicates its operations on highly responsive customer service. To date, the Bank has zero percent (0%) non-performing customer loans.

The Bank continues to leverage its highly qualified and experienced Board of Directors, which includes individuals who have excelled and risen to the most senior levels of the merchant banking sector at its peak. The Group’s aim to attain industry distinction is evident in its first-rate service orientation and its efficient information technology platform, which supports its operations.

About Coronation Merchant Bank
An emerging regional capital markets powerhouse with a 49% capital adequacy ratio, Coronation Merchant Bank Group aspires to become Africa’s premier investment bank, and is already demonstrating industry leadership in responsible business practices.  The Group offers investment and corporate banking, private banking/wealth management and global markets/treasury services to its select clients. It also offers securities trading/brokerage, asset management and trustees services via its subsidiaries: Coronation Securities Limited, Coronation Asset Management Limited and Coronation Nominees and Trustee Limited, respectively. Coronation Merchant Bank has two branch offices in Abuja and Port Harcourt, and a head office in Lagos.

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