Coronation Merchant Bank Reports N12.9bn Profit, Reaffirms Strategic Focus

Kayode Tokede 

Coronation Merchant Bank has declared N12.9 billion profit in 2024 financial year, about 303 per cent increase over N3.2 billion declared in 2023. 

Gross earnings stood at N97.1 billion in 2024, representing an increase of 58 per cent from N61.58 billion reported in 2023. 

This was disclosed in the 2024 audited results as it convened the 10th Annual General Meeting (AGM) in Lagos, celebrating a decade of institutional resilience and reaffirming its position as a catalyst in Nigeria’s merchant banking sector. 

The event marked a significant milestone in the Bank’s journey, highlighting a year of strategic repositioning and long-term value creation.

The AGM provided an opportunity to reflect on the Bank’s strong full-year 2024 performance, previously announced to the market, which demonstrated its strategic momentum and growing market relevance. 

Shareholders’ funds strengthened to N45.8 billion, while return on average equity nearly doubled to 19 per cent affirming the Bank’s disciplined execution and capital efficiency.

The total assets of Coronation Merchant Bank expanded to N558.6 billion, up from N524.5 billion the previous year, reflecting continued stability and growth. 

Reflecting on the bank’s performance, Chairman of Coronation Merchant Bank, Mr Babatunde Folawiyo stated:”At Coronation, we are building an enduring institution rooted in sound governance and driven by a clear purpose. As we celebrate our tenth anniversary, we reflect on a decade of progress and look ahead with renewed determination. We are building an institution defined by sustainable finance, innovation, and partnerships that unlock broad-scale development. Our performance this year is both validation and motivation. We are not just keeping up. We are moving markets, shaping outcomes, and redefining merchant banking in Africa.”

Also speaking at the AGM, Acting Managing Director/Chief Executive Officer, Mr Paul Abiagam said: “2024 marked an inflection point. Amid economic reform and regulatory transition, we achieved triple-digit earnings growth and outperformed all internal benchmarks. These results reflect our execution rigour and strategic focus.”