Coronation Merchant Bank said it emerged the â€˜Merchant Bank of the Yearâ€™ at the 2017 edition of the BusinessDay Annual Banking Awards held in Lagos recently.
In emerging as the winner in the award category, Coronation Merchant Bank, according to a statement, outperformed the three other merchant banks in the industry. Specifically, Coronation Merchant Bank led the pack in four out of the six award parameters to emerge as the â€˜Merchant Bank of the Year.â€™
A review of the criteria for the award category showed that Coronation Merchant Bank outstripped other nominees in the following key performance indicators: Profit After Tax (PAT), Loan Growth (LG), Return on Average Asset (ROAA) and Return on Average Equity (ROAE). Coronation Merchant Bank grew its PAT by 59.3 per cent in the year under review way ahead of the other banks.
The statement also explained that the bank demonstrated industry leadership in loan growth, which it stated validated its support for the development of the nationâ€™s economy.
Over the past one year, Coronation Merchant Bank grew its loan portfolio by 817.26 per cent.
Receiving the award, the Bankâ€™s Managing Director, Jimoh Abubakar dedicated the award to clients who provided the bank the opportunity to showcase its expertise and to the Bankâ€™s employees whose commitment made Coronation Merchant Bankâ€™s exceptional services and innovation evident.
He added: â€œAs a team of professionals with uncommon potentials, we are not only determined to become Africaâ€™s premier investment bank, it is also our resolve to continuously create value for our customers, investors and other stakeholder groups.â€