Coronation Merchant Bank Declares N5.3bn Profit In 2016

Coronation Merchant Bank Limited said it has posted a profit before tax of N5.3 billion for the financial year ended 2016. The group managing director of the bank, Mr. Abu Jimoh made this known to the shareholders at the bank’s annual general meeting held yesterday in Lagos.
Jimoh applauded the shareholders for their continued support in ensuring the bank was able to return maximum value to shareholders. He said that despite the harsh operating environment witnessed during the year, the bank sustained it’s tradition of delivering exceptional performance across all financial indices through an intense focus on innovation product offerings, excellent service delivery as well as prudent cost control and risk management practices.
“In furtherance of our promise to show leadership, in the financial services industry, we were also the first to announce our full year results. This is a strong reflection of our recently unveiled brand’s first-to-market and efficiency aspirations and is a trend we intend to continue.
“During the course of 2016, profit before tax grew by 128 per cent from N2.3 billion in 2015 to N5.3 billion at the end of the year, while net-interest income increased by 86 per cent from N4.3 billion in 2015 to N8 billion in 2016 due to increased efficiency in the overall funding mix and significant growth in the bank’s balance sheet size.
Jimoh explained that aside from the strong earnings performance, the group also recorded a significant growth in its balance sheet in 2016, stating that total assets rose to N106.5 billion from N78.3 billion in December 2015, and shareholder’s funds increased to N25.9 billion from N20.24 billion.
He noted that this is a valid testament to the resilience of the group’s operations and its adaptability to current market realities and challenges. According to the CEO, the impressive result of the bank in our last two years of business operations demonstrate the effectiveness of our strategy as we continue to grow market share in key segments of the economy.