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Coronation Bank posts strong 2024 growth

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Coronation Merchant Bank increased its gross earnings by 58 per cent year-on-year, reaching ₦97.1 billion in 2024.

This marks a rise from ₦61.58 billion recorded in 2023.

At the 10th Annual General Meeting in Lagos on Tuesday, Chairman, Mr Babatunde Folawiyo, confirmed a 303 per cent growth in profit after tax.

Profit after tax rose from ₦3.2 billion in 2023 to ₦12.9 billion in 2024, showcasing strong performance.

Folawiyo added that profit before tax climbed to ₦13.4 billion, a 285 per cent increase from ₦3.4 billion in 2023.

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.

Taiye Olayemi

NEWSVERGE, published by The Verge Communications is an online community of international news portal and social advocates dedicated to bringing you commentaries, features, news reports from a Nigerian-African perspective. A unique organization, founded in the spirit of Article 19 of the Universal Declaration of Human Rights, comprising of ordinary people with an overriding commitment to seeking the truth and publishing it without fear or favour. The Verge Communications is fully registered with the Corporate Affairs Commission of the Federal Republic of Nigeria as a corporate organization.

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