Coronation Merchant Bank has posted a remarkable 303 per cent rise in Profit After Tax (PAT) for the 2024 financial year, attributing the leap to deliberate strategic repositioning, operational discipline, and a long-term focus on shareholder value. The announcement was made at the bank’s 10th Annual General Meeting (AGM) held in Lagos, where stakeholders gathered to celebrate a decade of steady progress.
According to the Chairman of the Board, Mr Babatunde Folawiyo, the bank recorded a PAT of ₦12.9 billion in 2024, compared to ₦3.2 billion in the previous financial year. Profit Before Tax (PBT) also rose significantly to ₦13.4 billion, representing a 283 per cent increase. He described the achievement as a reflection of Coronation’s long-term strategy, capital efficiency, and sound governance.
“At Coronation, we are building an enduring institution rooted in sound governance and driven by a clear purpose,” Folawiyo said. “As we celebrate our tenth anniversary, we reflect on a decade of progress and look ahead with renewed determination. We are building an institution defined by sustainable finance, innovation, and partnerships that unlock broad-scale development.”
The bank’s total assets also witnessed healthy growth, increasing from ₦524.5 billion in 2023 to ₦558.6 billion in 2024. Shareholders’ funds rose to ₦45.8 billion, while return on average equity (ROAE) nearly doubled to 19 per cent, reinforcing Coronation’s reputation for disciplined capital utilisation.
Folawiyo emphasised that despite headwinds in the broader financial landscape, Coronation maintained a focused and efficient execution of its strategic priorities. This includes its commitment to digital transformation, customer engagement, and expanding its footprint in new market segments.
The bank also introduced three new business verticals — Public Sector, Financial Institutions, and Affluent Banking. These segments were created to deepen sector-specific relationships, enhance customer engagement, and drive tailored financial solutions across different market demographics.
Speaking at the event, Acting Managing Director and CEO, Mr Paul Abiagam, described 2024 as a pivotal year for the institution. He said that despite operating in a complex environment marked by regulatory reforms, currency volatility, and economic restructuring, Coronation achieved triple-digit growth and exceeded all internal performance benchmarks.
“We navigated a tough environment characterised by monetary tightening, FX volatility, and policy shifts, but through resilience, innovation, and strategic focus, we turned challenges into opportunities,” Abiagam said.
He attributed the robust performance to disciplined risk management, customer-centric strategies, and the relentless commitment of staff and management.
In recent years, Nigeria’s banking sector has faced various macroeconomic and regulatory pressures, ranging from naira devaluation to inflationary challenges and fluctuating interest rates. Despite this, Coronation Merchant Bank has demonstrated its capacity to adapt and thrive, consistently delivering strong returns to stakeholders.
The bank’s strategic initiatives also align with Nigeria’s broader goals of financial inclusion, infrastructure financing, and private-sector-led economic development. Its introduction of tailored services for the public sector and high-net-worth individuals is seen as a bold move to diversify income streams and enhance customer value.
As Coronation celebrates its tenth anniversary, the leadership reiterated its commitment to sustainable growth, strong corporate governance, and long-term value creation. The bank’s impressive performance positions it as one of the top-performing merchant banks in Nigeria, setting a benchmark for other financial institutions.
Looking forward, the bank says it will continue to invest in technology, deepen stakeholder partnerships, and expand its offerings to remain competitive in the ever-evolving financial services landscape.
