Coronation Merchant Bank has posted a remarkable profit before tax (PBT) of N13.4 billion for the financial year ended 2024, representing a significant 283 per cent rise from its PBT in the previous year. The bank also reported a post-tax profit of N12.9 billion, a staggering 303 per cent jump from the N3.2 billion recorded in 2023. This was made known during its 10th Annual General Meeting held at its Victoria Island head office in Lagos, where shareholders, board members, and top executives gathered to mark a decade of operations and reflect on the bank’s progress.
Gross earnings for the year climbed to N97.1 billion, showing a 58 per cent year-on-year increase and underscoring the bank’s robust revenue growth in a volatile economic environment. The bank’s balance sheet also saw improvement, with total assets rising to N558.6 billion from N524.5 billion recorded the previous year. Shareholders’ funds strengthened to N45.8 billion, indicating improved investor confidence and solid capital buffers. Additionally, return on average equity nearly doubled, hitting 19 per cent, reflecting greater operational efficiency and profitability.
Chairman of the Board, Babatunde Folawiyo, in his address at the AGM, noted that the strong financial performance affirms Coronation’s long-term strategy and resilience, especially as the bank celebrates its tenth anniversary. According to him, “At Coronation, we are building an enduring institution rooted in sound governance and driven by a clear purpose. As we mark a decade of transformation, we are more determined to shape the future of merchant banking not just in Nigeria but across the African continent.”
Folawiyo further described the 2024 performance as both a validation of strategy and a motivation to push further. “We are not just meeting expectations; we are shaping market outcomes and setting new standards in merchant banking,” he remarked.
Speaking on the bank’s operational strides, the Acting Managing Director and Chief Executive Officer, Paul Abiagam, described the year as a defining moment, propelled by sweeping macroeconomic reforms and regulatory changes within Nigeria’s financial landscape. “2024 was a pivotal year. Despite operating amid challenging economic transitions, we achieved triple-digit earnings growth and exceeded every internal benchmark. Our ambition remains clear — to emerge as the most respected Nigerian merchant bank across the continent,” Abiagam said.
The bank introduced three new strategic business segments during the year — Public Sector, Financial Institutions, and Affluent Banking — aimed at deepening sector-focused solutions and strengthening client relationships. These additions are part of a broader restructuring designed to position the bank more competitively in an evolving financial services industry.
Further solidifying its market relevance, Coronation Merchant Bank played a leading advisory role in Nigeria’s equity capital markets, particularly in the recapitalisation efforts mandated by the Central Bank of Nigeria. The bank facilitated capital-raising exercises for four of the top seven commercial banks in the country, reinforcing its credentials in high-value financial advisory services.
Customer deposits also witnessed a healthy boost, rising to N187.4 billion, while total risk assets were cautiously managed at N136.6 billion — a notable reduction from N166.2 billion recorded in 2023. This reflects the bank’s prudent approach to credit risk amid an unpredictable macroeconomic backdrop.
The bank had earlier reported a 62 per cent growth in gross earnings to N61.6 billion for the year ending December 31, 2023, laying the groundwork for its 2024 performance. Looking ahead, Coronation Merchant Bank reaffirmed its focus on digital transformation, sustainable profitability, and regional leadership as it aims to redefine merchant banking in Nigeria and beyond.
As Nigeria’s financial sector continues to undergo reforms and competition intensifies, Coronation’s latest results and strategic repositioning appear to signal a new phase of bold ambition and calculated execution in its journey toward becoming a transformative force in African finance.
