In a remarkable display of financial strength, Coronation Merchant Bank has reported a significant leap in its 2024 earnings, underscoring its growing influence in Nigeria’s financial sector.
The bank’s gross earnings soared by 58% to ₦97.1 billion, up from ₦61.58 billion in 2023. Even more striking was its 303% surge in profit after tax, rising from ₦3.2 billion to ₦12.9 billion—a clear signal of robust operational efficiency and strategic positioning.
Speaking at the bank’s 10th Annual General Meeting in Lagos, Chairman Babatunde Folawiyo hailed the performance, noting that profit before tax also rose impressively to ₦13.4 billion, marking a 285% increase from the previous year.
Coronation’s milestone signals not just growth, but a bold assertion of resilience and relevance in an evolving economic landscape.
He noted shareholders’ funds grew to ₦45.8 billion, with return on average equity nearly doubling by 19 per cent.
Total assets expanded to ₦558.6 billion in 2024, up from ₦524.5 billion the previous year.
Customer deposits rose to ₦187.4 billion, while total risk assets declined to ₦136.6 billion from ₦166.2 billion.
“At Coronation, we are building an enduring institution founded on sound governance and clear purpose.
“As we mark our tenth anniversary, we celebrate a decade of growth and look ahead with renewed focus.
“We are committed to sustainable finance, innovation, and partnerships that drive broad-scale development.
“Our performance affirms our direction. We are reshaping merchant banking and influencing markets across Africa,” Folawiyo said.
He said 2024 was a landmark year, as the Bank launched Public Sector, Financial Institutions, and Affluent Banking verticals.
These new verticals aim to deepen client engagement and expand sector-specific coverage.
The Bank also secured a strong position in Equity Capital Markets, advising four of Nigeria’s top seven banks.
This aligns with the Central Bank’s recapitalisation directive, strengthening Coronation’s strategic relevance.
Acting Managing Director, Mr Paul Abiagam said 2024 marked an inflection point for the Bank.
“Amid economic reform and regulatory shifts, we delivered triple-digit earnings growth and exceeded internal performance benchmarks.
“Our ambition remains clear — we aim to be Nigeria’s most respected merchant bank on the continent.
“We are focused on unlocking value, earning trust, and delivering consistent, sustainable returns,” Abiagam added.
According to him, looking ahead, Coronation Merchant Bank will prioritise sustainable profitability, client engagement, and digital innovation.
He said these priorities would shape long-term growth, enhance brand value, and set new industry standards.
The AGM also celebrated the Bank’s decade of institutional resilience and transformation.
