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.

Coronation chairman Babatunde Folawiyo confirmed a 303 per cent growth in profit after tax at the 10th Annual General Meeting in Lagos on Tuesday.

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

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

He noted that shareholders’ funds grew to ₦45.8 billion, with a return on average equity nearly doubling to 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,” Mr Folawiyo said.

He said 2024 was a landmark year, as the bank launched the 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.

The acting managing director, 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,” Mr Abiagam added.

According to him, looking ahead, Coronation 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.

(NAN)