NAN-HE-5
Bank
By Chinyere Joel-Nwokeoma
Lagos, April 11, 2017 (NAN) Coronation Merchant Bank Ltd., on Tuesday declared a profit before tax of N5.3 billion for the financial year Dec. 31, 2016.
Mr Abu Jimoh, the Group Managing Director of the bank said this at the bank’s Annual General Meeting (AGM) held in Lagos.
Jimoh said that the profit represents an increase of 128 per cent, compared to N2.3 billion recorded in the comparative period of 2015.
He said that the bank’s net interest income appreciated by 86 per cent to N8 billion, from N4.3 billion recorded in 2015, due to increased efficiency in the overall funding mix, and significant growth in its balance sheet size.
Jimoh stated that the bank’s customer deposits grew by 53 per cent to N53.5 billion, in contrast to N34.9 billion in the previous year.
According to him, gross loans and advances to customers rose by 817 per cent to N22.7 billion during the period under review as against the N2.5 billion in 2015.
The managing director said that in spite of the harsh operating environment, the bank witnessed exceptional performance across all financial indices, and attributed it to its intense focus on innovative product offerings, excellent service delivery and prudent cost control.
“The impressive results 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,’’ Jimoh said.
He said the bank would continue to maintain a disciplined and prudent approach in asset-creation, in line with its overall risk management framework.
Jimoh added that the bank would work very hard to deliver impressive result in the current financial year, in spite of tight economic conditions.
“While general economic conditions and the regulatory environment remains tight, we believe that our new business and lending strategies, embedded risk management culture, and continuous cost-savings will enable us to stand firm throughout this period,’’ he said.
The News Agency of Nigeria (NAN) reports that Coronation Merchant Bank was established to fill the gap in a long-underserved market segment, seeking to address the need for long-term capital across key sectors of the economy.
The bank offers investment and corporate banking, private banking/wealth management and global markets/treasury services to its diverse clients.
It also offers securities trading/brokerage, asset management and trustees services via its subsidiaries. (NAN)
JNC /FLP/EEE
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Edited by Folorunso Poroye/Ese E. Ekama