Lagos: Coronation Merchant Bank announced a substantial increase in its gross earnings for 2024, reaching ?97.1 billion, which represents a 58 percent rise compared to the ?61.58 billion recorded in 2023.
According to News Agency of Nigeria, at the 10th Annual General Meeting held in Lagos, Chairman Mr. Babatunde Folawiyo revealed a remarkable 303 percent growth in the Bank’s profit after tax, elevating it from ?3.2 billion in 2023 to ?12.9 billion in 2024. This performance underscores the Bank’s robust financial health, further highlighted by a 285 percent increase in profit before tax, which rose to ?13.4 billion from ?3.4 billion the previous year.
Mr. Folawiyo also noted that shareholders’ funds increased to ?45.8 billion, with the return on average equity nearly doubling by 19 percent. Total assets expanded to ?558.6 billion in 2024, up from ?524.5 billion the previous year. Additionally, customer deposits reached ?187.4 billion, while total risk assets decreased to ?136.6 billion from ?166.2 billion.
He emphasized the Bank’s commitment to building an enduring institution based on sound governance and a clear purpose. Celebrating its tenth anniversary, the Bank looks forward to driving sustainable finance, innovation, and partnerships that support broad-scale development. Mr. Folawiyo highlighted the Bank’s efforts to reshape merchant banking and influence markets across Africa.
The year 2024 was pivotal for the Bank, as it launched new verticals in Public Sector, Financial Institutions, and Affluent Banking to enhance client engagement and expand sector-specific coverage. The Bank also strengthened its position in the Equity Capital Markets by advising four of Nigeria’s top seven banks, aligning with the Central Bank’s recapitalisation directive.
Acting Managing Director, Mr. Paul Abiagam, described 2024 as an inflection point for the Bank. Despite economic reforms and regulatory shifts, the Bank achieved triple-digit earnings growth and surpassed its internal performance benchmarks. Mr. Abiagam reiterated the Bank’s ambition to become Nigeria’s most respected merchant bank on the continent, focusing on unlocking value, earning trust, and delivering consistent returns.
Looking forward, Mr. Abiagam stated that Coronation Merchant Bank will prioritize sustainable profitability, client engagement, and digital innovation. These priorities are expected to shape the Bank’s long-term growth, enhance brand value, and set new industry standards. The AGM also celebrated the Bank’s decade of resilience and transformation.
