Coronation Merchant Bank says ready to chart new paths of progress in 2024

…grows 2023 gross earnings by 62% to N61.6bn

Coronation Merchant Bank has noted its readiness to chart new paths of progress in 2024 by identifying and pursuing emerging opportunities, maintaining exceptional customer service, and leveraging its robust and diversified business model. The bank disclosed this at its 9th Annual General Meeting (AGM) held Thursday in Lagos.

Speaking at the AGM, Babatunde Folawiyo, chairman, Coronation Merchant Bank Limited, said although the macroeconomic headwinds posed challenges, the bank recorded positive results in 2023.

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“Our initiatives in 2023 yielded positive outcomes, demonstrating our unwavering resolve and commitment to continuous value creation. The confidence of our clients is the vital force propelling our enterprise, and we remain fiercely committed to nurturing it. We are optimistic about the future trajectory of our Bank and are committed to delivering value to our customers.”

Shareholder funds also increased by 16.5 percent to N37.33 billion from N31.99 billion in 2022. However, the board did not propose any dividend owing to the Bank’s performance in 2023.

“Against the background of the Bank’s performance in 2023, the Directors will not be proposing any dividend. The Board is, however, confident that the strategies approved for implementation shall result in a positive performance in 2024,” it stated.

The bank also improved its Capital Adequacy Ratio to 12.6 percent in 2023, from 10.2 percent in 2022, and maintained its Liquidity ratio at 64.4 percent in 2023 from 55.6 percent in 2022.

Banjo Adegbohungbe, Managing Director/CEO, Coronation Merchant Bank said “Our financial performance in 2023 underscores the resilience of our strategic vision and the dedication of our team. It also highlights our commitment to sustainable growth and value creation for our stakeholders.”

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In anticipation of the financial year 2024, Paul Abiagam, Deputy Managing Director, Coronation Merchant Bank said, “We are ready to chart new paths of progress in 2024 by identifying and pursuing emerging opportunities, maintaining exceptional customer service, and leveraging our robust and diversified business model.”