WorldStage Newsonline– Coronation Merchant Bank Limited, a Nigerian based merchant bank has announced its 2017 Full year results with 42% growth in loan book from N22.7 billion to N32.3 billion with zero non-performing loan.
According to a statement of the results, the bank posted a profit before tax of N5.1 billion while gross earnings grew by 66% to N25.5 billion.
While the bank’s cost-to-income ratio increased marginally by 90bps to 46.1% from45.2% in 2016 due to high inflation rate, its interest income growth of 67% and non-interest income growth of 57%.
Moreover, the bank’s total assets increased by 28% to N136.7 billion from N106.6 billion in December 2016, and shareholder’s funds increased to N29.5 billion from N25.9 billion.
The Group Managing Director/CEO of the bank, Abu Jimoh was quoted as saying that, “despite the tough market conditions that characterized significant parts of the year, the underlying business fundamentals of the Bank remained strong.
“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.
“The impressive results of the bank in the last three years demonstrate the effectiveness of our strategy, the quality of our past decisions and the commitment of our board & management to maximize shareholder value whilst actively expanding our franchise in select, high growth markets where we believe we have a competitive advantage.”
He said the private bank will continue to maintain a disciplined and prudent approach in asset creation in line with its overall risk management.
“While general economic conditions and the regulatory environment remain tight, we believe that our new business and lending strategies, embedded risk management culture and continuous cost savings will enable us to stand firm throughout this period,” he said.
“In the coming years, we will focus on the disciplined implementation of our growth strategy to drive efficiency in all segments of our business leveraging fintech and process re-engineering.”
Coronation Merchant Bank group was established to fill the gap in a long-underserved market segment, seeking to address the need for long-term capital across key sectors of the economy, and has two branches located in Abuja and Port Harcourt with its Head Office in Lagos, Nigeria. The Group offers investment and corporate banking, private banking/wealth management and global markets/treasury services to its diverse clients. It also offers securities trading/brokerage, asset management and trustees services via its subsidiaries; Coronation Securities Limited, Coronation Asset Management Limited respectively.
