Coronation Merchant Bank records 196.2% increase in PBT to N8.28bn in FY 2022

By Philemon Adedeji

The Nigerian leading financial institution, Coronation Merchant Bank Plc, has released its audited financial statement for the period ended December 31, 2022, the bank delivered stellar performance both its top-line and bottom line, as the bank Profit Before Tax increased impressively to a remarkable 196.2 per cent to N8. 28 billion in full year 2022 from N2.795 billion generated in prior financial year 2021.

From the profit and loss figures, the bank Profit After Tax moved stronger to N8.791 billion in 2022 financial year, indicating a significant improvement of 338 per cent from N2.007 billion achieved in corresponding period of 2021.

Net interest income increased largely by 343.5 per cent to N4.432 billion in FY 2022 from N999 billion accounted in the previous year.

Coronation Merchant Bank balance sheet remained well structure and resilient as the total assets recorded for the period gained a 12.3 per cent from N473.9 billion in FY 2021 to N532.6 billion in FY 2022.

The breakdown under total assets indicated that loan and advances to customers amounted to N186 billion in full year 2022 from N151 billion in full year 2021, representing an increase of 23 per cent, as intangible assets gained nearly 12.1 per cent to N1.589 billion as of end of December 31, 2022 from N1.417 billion as of end of December 31, 2021, while Cash and balances with bank up by 195.1 per cent to N38.385 billion in 2022 FY from N13.003 billion in the preceding year.

In addition, total liabilities gained a 15.3 per cent to N500 billion in 12 months of 2022 from N434 billion in 12 months of 2021

In conclusion, the bank total equity recorded for the period declined by 19.6 per cent to N31.987 billion in FY 2022 from N39.801 billion in FY 2021.