Coronation Merchant Bank Group Release its 2018 Reports

Coronation Merchant Bank Group records 46% growth in Non-Interest Earnings for 2018 FY 

…declares PBT of N5.3bn

Coronation Merchant Bank Limited (‘CORONATION MB);Africa’s leading financial institution,  announced its 2018 Full Year Results to stakeholders during its Annual General Meeting in which the Bank posted a Profit Before Tax of N5.3billion.

Speaking at the AGM, Abu Jimoh, Group Managing Director/CEO of Coronation Merchant Bank Limited said that “despite a difficult operating environment, our company stayed the course, recording modest growth across most financial indices. The growth we recorded in our profitability and capital position is a testament to the strength of our business model and the commitment of our people. When we look at where we stand today, our company is stronger, simpler, and better positioned to deliver long-term value to our shareholders, thanks to the straightforward way in which we serve our customers and clients. As a platform for improving lives, our aim is to be where the growth is, enabling businesses thrive, economies grow, and ultimately, helping organizations fulfil their hopes and realise their ambitions.”

The Group maximized opportunities in its core business to deliver stable and sustainable revenue growing the topline revenue by 10% compared to 2017. Profit Before Tax increased from N5.1bn in 2017 to N5.3bn while Total Assets grew by 63% from N136bn in 2018 to N223bn. 

Earning assets grew significantly by 70% y/y to cushion the huge gap from reduced market-driven decline in yield. This resulted to a slight decline in net interest income by 5% to achieve N7.6bn (2017: N8.0bn). There was increase in foreign exchange and fixed income trading volumes, loan disbursement, e-channel transactions which saw the bank’s non-interest income increase by 46% y/y to achieve N4.1bn (2017: N2.8bn). The impact of the adoption of IFRS 9 increased the bank’s cost of risk marginally from 0% to 0.03% with all it’s risk assets in the stage 1 classification according to IFRS 9 classification.

Read More