Coronation Merchant Bank has announced a profit before tax (PBT) of ₦13.4 billion for the 2024 financial year, marking a solid financial performance amid a challenging economic environment.
The bank disclosed the figures in its audited financial statements released on Wednesday, noting that the results reflect its strategic focus on risk management, operational efficiency, and client-centered services.
According to the report, the bank also recorded significant growth in key performance indicators, including a 15% year-on-year increase in gross earnings and a 12% rise in total assets, which now stand at ₦460 billion.
Commenting on the performance, CEO Banjo Adegbohungbe attributed the strong results to disciplined execution and a resilient business model. “This performance underscores our commitment to delivering sustainable value to our stakeholders despite macroeconomic headwinds,” he said.
Adegbohungbe emphasized that the bank remained focused on supporting Nigeria’s financial markets and corporate clients through innovative financial solutions and strategic advisory services.
The bank’s impressive results come at a time when many financial institutions are navigating tight monetary conditions and currency volatility. Analysts say Coronation’s performance reflects strong risk controls and a diversified portfolio.
“Coronation has shown consistent growth, which is commendable in a year characterized by regulatory changes and global uncertainty,” said Tolu Ajayi, a Lagos-based financial analyst.
The bank also reaffirmed its commitment to sustainability and governance, highlighting recent investments in digital banking infrastructure and green finance initiatives.
With its continued focus on long-term growth, Coronation Merchant Bank is positioning itself as a leading player in Nigeria’s evolving financial services landscape.
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