Inspired by its legacy of accomplishments as a Discount House,
Coronation Merchant Bank (CMB) has sustained the tradition with impressive first year results.
The bank’s results reflected accountability, transparency and a culture of responsibility.
A review of the results showed an overall exceptional performance and underscored the efficiency of the bank’s operations.
According to the results, Coronation Merchant Bank posted a profit before tax of N2.33 billion, which represented an increase of 43.7 per cent over last year’s figure of N1.62 billion. Also, its profit after tax (PAT) also rose from N1.61 billion to N3.22 billion, which was 100 per cent growth over the previous year’s figure.
Aside from its strong earning capacity, Coronation Merchant Bank also witnessed improvement in its revenue generation capacity as a result of increased efficiency in its funding mix.
The bank’s net-interest income rose from N2.21 billion in 2014 to N3.07 billion in 2015, just as non-interest income increased by 83.3 per cent, from N.70 billion in 2014 to N1.29 billion in 2015, to illustrate the effectiveness of its business strategy and operational model.
The results further showed that recent realignments in the bank’s operational model significantly improved the institution’s fortunes. In one year, its total assets rose to N78.24 billion from N74.64 billion in 2014, and shareholders fund increased to N20.24 billion from N16.53 billion, which was a testament to the competitiveness of the bank’s operations and its adaptability to market realities.
An emerging merchant banking franchise with 77.3 per cent capital adequacy ratio above the regulatory minimum, Coronation Merchant Bank is driven by the vision of becoming Africa’s premier investment Bank. Consequently, its expertise in corporate banking, investment banking, private banking, assets management and securities trading have been efficiently strengthened with the appointment of credible individuals with vast international and local experience to deliver exceptional benefits to clients and other stakeholders.
With a strong risk rating of ‘A-‘ by Agusto and asset base of over N78bn, The bank is certain to leverage its privileged supervision by some of Nigeria’s individuals who excelled and rose to the top of merchant banking sector at its height of excellence to become the industry model for risk management, corporate governance and responsible business practices.