Coronation Merchant Bank records N12.26bn profit, secures multiple industry awards
Coronation Merchant Bank has reported a profit of N12.26 billion for the financial year ending 31 December 2024, marking a significant 363 percent increase from the N2.65 billion recorded in 2023.
This information was shared in a statement issued in Lagos during the week by the bank’s Acting Managing Director, Mr Paul Abiagam.
The bank also posted a 285 percent rise in profit before tax, moving from N3.48 billion in 2023 to N13.401 billion in 2024. Its total assets grew from N524.46 billion to N558.64 billion within the same period, while shareholder equity climbed from N37.33 billion to N45.85 billion.
Earnings per share attributable to ordinary shareholders rose notably, increasing from N52.00 in 2023 to N161.40 in 2024. Interest income also saw substantial growth, jumping from N40.39 billion to N70.12 billion.
Commenting on the bank’s performance, Abiagam described the 2024 financial year as a period of outstanding success, reinforcing Coronation Merchant Bank’s status as a key player in Nigeria’s financial services landscape.
“Coronation Merchant Bank has concluded the year 2024 with remarkable achievements, solidifying its position as a leader in Nigeria’s financial services industry,” he said. “The bank won seven impressive and prestigious awards due to our commitment to delivering value to clients and stakeholders.”
Among the awards received, Coronation Merchant Bank was recognised as the Best Investment Bank in Nigeria at the World Finance Awards for the seventh year in a row. It was also named the Most Outstanding Merchant Bank for 2024 at the BrandCom Awards and received the title of Best Social Media Merchant Bank at the Digital Jurist Awards.
At the FMDQ Awards, the bank was honoured in four distinct categories: Most Diverse Issuer on FMDQ, FMDQ Registration Member (Quotations), Most Active Securities Lodgement Sponsor, and Largest Issuing House on FMDQ.
“These recognitions reflect the bank’s critical role in driving progress within Nigeria’s capital markets and advancing financial innovation,” Abiagam said.
Beyond the accolades, Abiagam noted that the bank reached several key strategic goals in 2024. These included the successful execution of major capital-raising transactions and the launch of the Coronation Vintage Naira and Dollar Accounts. The bank also introduced new VISA card offerings, expanding its range of payment solutions.
He added that Coronation Merchant Bank achieved triple certifications during the year, a development he said confirmed the institution’s ongoing adherence to international standards in quality, security, and service delivery.
