Coronation Merchant Bank profitability rises by 128%

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By Babajide Komolafe
CORONATION Merchant Bank Limited has recorded 128 per cent growth in its profit before tax (PBT) which rose to N5.6 billion in 2016.

The bank’s financial statements for the operating year ended December 31, 2016 shows that its net-interest income increased by 86 per cent  from N4.3 billion in 2015 to N8billion   in 2016, prompted by increased efficiency in the overall funding mix and significant growth in  the bank’s balance sheet size.

Commenting on the financial results, Abu Jimoh, the group managing director/chief executive officer, said stated: “The impressive results of the bank in the last two years of business operation demonstrates the effectiveness of our strategy as we continue to grow our market share in key segments of the economy. We will continue to maintain a disciplined and prudent approach in our exposures to dollar based assets in line with our overall risk management framework. As at December 31, 2016, our Non-Performing Loans (NPL) ratio  stood at zero percent.

“With a strong risk rating of ‘A‘by Agusto and asset base of over N100 billion, the bank is certain to leverage its privileged direction by some of Nigeria’s individual’s 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,” he said.

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