Coronation Merchant Bank convened its 10th Annual General Meeting at its Head Office in Victoria Island, Lagos, celebrating a decade of institutional resilience and reaffirming its position as a catalyst in Nigeria’s merchant banking sector. The event marked a significant milestone in the Bank’s journey, highlighting a year of strategic repositioning and long-term value creation.
The AGM provided an opportunity to reflect on the Bank’s strong full-year 2024 performance, previously announced to the market, which demonstrated its strategic momentum and growing market relevance. Gross earnings grew by 58% year-on-year to ₦97.1 billion, while profit before tax rose to ₦13.4 billion, marking a 283% increase. Profit after tax closed at ₦12.9 billion, up 303% from ₦3.2 billion in 2023. Shareholders’ funds strengthened to ₦45.8 billion, while return on average equity nearly doubled to 19%, affirming the Bank’s disciplined execution and capital efficiency.
Total assets expanded to ₦558.6 billion, up from ₦524.5 billion the previous year, reflecting continued stability and growth. Customer deposits rose to ₦187.4 billion, while total risk assets were prudently managed at ₦136.6 billion, compared to ₦166.2 billion in 2023.
2024 was a milestone year for Coronation Merchant Bank as it launched three new business verticals: Public Sector, Financial Institutions, and Affluent Banking, enhancing sector-specific coverage and deepening client engagement. The Bank also secured a strong position in Equity Capital Markets, advising on capital raises for four of Nigeria’s top seven banks in line with the Central Bank’s recapitalisation directive.
Reflecting on the Bank’s performance, Mr Babatunde Folawiyo, Chairman of Coronation Merchant Bank, stated:
“At Coronation, we are building an enduring institution rooted in sound governance and driven by a clear purpose. As we celebrate our tenth anniversary, we reflect on a decade of progress and look ahead with renewed determination. We are building an institution defined by sustainable finance, innovation, and partnerships that unlock broad-scale development. Our performance this year is both validation and motivation. We are not just keeping up. We are moving markets, shaping outcomes, and redefining merchant banking in Africa.”
Also speaking at the AGM, Mr Paul Abiagam, Acting Managing Director/Chief Executive Officer, said:
“2024 marked an inflection point. Amid economic reform and regulatory transition, we achieved triple-digit earnings growth and outperformed all internal benchmarks. These results reflect our execution rigour and strategic focus. Our ambition is clear. We aim to be the most respected Nigerian merchant bank on the continent. We will continue to unlock value for clients, deepen stakeholder trust, and deliver sustainable returns.”
As it looks to the future, Coronation Merchant Bank remains committed to sustainable profitability, deepening client engagement, and accelerating digital innovation. These priorities will underpin its long-term growth as it strengthens its brand and sets new standards for excellence in Nigeria’s merchant banking landscape.
