- Coronation Merchant Bank Posts N5.3bn Pre-tax Profit
Coronation Merchant Bank Limited has announced a profit before tax of N5.3bn for the year ended December 31, 2016.
A statement by the lender said the its profit before tax was up by 128 per cent from N2.3bn in 2015.
Its total assets increased by 36 per cent to N106.6bn from N78.3bn in 2015, while gross loans and advances to customers rose to N22.7bn from N2.5bn.
Customer deposits were up by 53 per cent to N53.5bn as of December 2016 from N34.9bn in 2016, while shareholders’ funds increased to N25.9bn from N20.4bn.
Speaking at the bank’s Annual General Meeting in Lagos, the Group Managing Director/Chief Executive Officer, Coronation Merchant Bank, Abu Jimoh, thanked stakeholders at the AGM for their continued support in ensuring the bank was able to return maximum value to them.
He said, “Despite the harsh operating environment witnessed during the year, the bank sustained its tradition of delivering exceptional performance across all financial indices through an intense focus on innovative product offerings, excellent service delivery as well as prudent cost control and risk management practices.
“During the course of 2016, our profit before tax grew by 128 per cent from N2.3bn in 2015 to N5.3bn at the end of the year while net-interest income increased by 86 per cent from N4.3bn in 2015 to N8bn in 2016 due to increased efficiency in the overall funding mix and significant growth in the bank’s balance sheet size.”