Coronation Merchant Bank Posts N5.3bn Profit

Coronation Merchant Bank Posts N5.3bn Profit

 

Lagos, Nigeria - 21 February 2017

 

Coronation Merchant Bank Limited said it sustained its tradition of impressive performance with strong financial results for the year ended 2016.

The Group’s 2016 results showed that its profit before tax (PBT) rose to N5.3 billion, representing an increase of 128 per cent over last 2015 performance of N2.3 billion.

The bank’s net interest income also increased by 86 per cent, from N4.3 billion in 2015, to N8 billion in the year under review. A statement from the bank attributed this to increased efficiency in its overall funding mix as well as significant growth in the bank’s balance sheet size.

As at December 31, 2016, its non-performing loans (NPL) ratio stood at zero per cent.

The Group also recorded significant growth in its balance sheet in 2016 as its total assets rose to N106.6 billion, from N78.3 billion in December 2015. Also, shareholder’s funds increased to N25.8 billion from N20.24 billion.

The statement also revealed that Coronation Merchant Bank currently has 40 per cent capital adequacy ratio, which is above the regulatory minimum of 10 per cent and is driven by its vision of becoming Africa’s premier investment Bank.

Commenting on the financial results, the Group Managing Director/CEO of Coronation Merchant Bank Limited, Abu Jimoh, said the results of the bank in the last two years of business operation demonstrated the effectiveness of its strategy as the bank continued to grow its market share in key segments of the economy.
“We will continue to maintain a disciplined and prudent approach in our exposures to dollar based assets in line with our overall risk management framework.

“With a strong risk rating of ‘A‘by Agusto and asset base of over N100 billion, the banking group is certain to leverage its privileged direction by some of Nigeria’s individuals who excelled and rose to the top of merchant banking sector at its height of excellence to become the industry model for risk management, corporate governance and responsible business practices.

“Coronation Merchant Bank’s quest for industry distinction is evident in its recently unveiled corporate identity which has been designed to communicate the groups vision, ambition and inner strength,” he added.

Source: Thisdaylive