Coronation Merchant Bank maiden results reflect legacy of excellence

Coronation Merchant Bank (CMB) has released its first year results as a Discount House. A review of the results showed an overall exceptional performance and underscored the efficiency of the Bank’s operations.

Coronation Merchant Bank posted a Profit Before Tax (PBT) of N2.33bn, which represents an increase of 43.7percent over last year’s figure of N1.62bn. Profit After Tax (PAT) also rose from N1.61bn to N3.22bn, which is 100percent growth over the previous year’s figure.

Aside from its strong earning capacity, Coronation Merchant Bank also witnessed superlative improvement in its revenue generation capacity as a result of increased efficiency in its funding mix.

The Bank’s net-interest income rose from N2.21bn in 2014 to N3.07bn in 2015, just as non-interest income increased by 83.3percent, from N.70bn in 2014 to N1.29bn in 2015, to illustrate the effectiveness of its business strategy and operational model.

Recent realignments in the Bank’s operational model have significantly improved the institution’s fortunes. In one year, its total assets rose to N78.24bn from N74.64bn in 2014, and shareholders fund increased to N20.24bn from N16.53bn, which is a valid testament to the competitiveness of the bank’s operations and its adaptability to market realities.

An emerging merchant banking franchise with 77.3percent capital adequacy ratio above the regulatory minimum, Coronation Merchant Bank is driven by the vision of becoming Africa’s premier investment Bank.

Consequently, its expertise in corporate banking, investment banking, private banking, assets management and securities trading have been efficiently strengthened with the appointment of credible individuals with vast international and local experience to deliver exceptional benefits to clients and other stakeholders.

With a strong risk rating of ‘A-‘ by Agusto and asset base of over N78bn, The Bank is certain to leverage its privileged supervision by some of Nigeria’s individuals who excelled and rose to the top of merchant banking sector at its height of excellence to become the industry model for risk management, corporate governance and responsible business practices.

Coronation Merchant Bank’s quest for industry distinction is evident in its first-rate service orientation and efficient information technology platform that supports its operations in Lagos, Port-Harcourt and Abuja.

Coronation Merchant Bank is a full service Merchant Bank formed from erstwhile Associated Discount House Ltd. The Bank commenced operations as Merchant Bank in 2015 following CBN’s approval of the conversion of the erstwhile Discount House license to a merchant banking license. Subsequently, it was issued an FX dealing license in 2015 by the CBN to enable it fulfill its operational requirements as a merchant bank. By these approvals, Coronation Merchant Bank assumes the heritage and liabilities of Associated Discount House (ADHL) and brings alive a new force in the Nigerian banking industry.