Content Partners
Coronation Merchant Bank records 15% growth in PBT for 2020 FY
…declares PBT of N5.784bn.

Published
1 month agoon

Coronation Merchant Bank Limited has announced its Audited Financial Results for the year ended 31 December 2020 and declared a PBT of N5.784 bn.
Commenting on the financial results, Banjo Adegbohungbe, the Managing Director of Coronation Merchant Bank said that “despite the challenges in our operating environment, we navigated the headwinds that characterised the year to deliver strong results. In a year when the entire world grappled with the debilitating effects of the COVID-19 pandemic, we strengthened our partnerships with our customers and created sustainable value for our shareholders”.
Financial Highlights
- Total Assets up 63% from N253.35 billion in 2019 to N412.36 billion.
- Loans and advances to customers up 69% to N122.21 billion as at Dec 2020 (Dec 2019: N72.2 billion)
- Customer Deposits up 41% to N195.16 billion as at Dec 2020 (Dec 2019: 138.08 billion)
- Profit After Tax down 1% to N5.040 billion (Dec 2019: N5.097 billion)
- Shareholders’ Funds up by 16% to N40.11 billion (Dec 2019: N34.57 billion)
Key Ratios
- Capital Adequacy Ratio: 20.01% as at Dec 2020 (Dec 2019: 19.17%)
- Regulatory Loan to Funding Ratio: 67.9% as at Dec 2020 (Dec 2019: 71.1%)
- NPL Ratio: 0% as at Dec 2020 (Dec 2019: 0%)
- Cost to Income Ratio of 50.3% as at Dec 2020 (Dec 2019: 51.1%)
- Net Interest Margin: 1.63% as at Dec 2020 (Dec 2019: 2.39%)
- EPS: 100 kobo (Dec 2019: 101 kobo)
- Return on Equity 15.49% as at Dec 2020 (Dec 2019: 15.29%)
Despite the volatile environment in 2020, Profit before Tax increased by 15% from N5.024 billion in 2019 to N5.784 billion while Total Assets grew by 63% from N253.35 billion in 2019 to N412.36 billion in 2020. Non-interest income grew by 23%, mainly driven by trading income that compensated for the declining yield environment in the market.
Risk assets increased by 69% as the Bank continued to support its customers through difficult times. Cost of risk remained at a healthy level of 0.14% while Non-Performing Loans was nil; which reflects the efficacy of our risk management framework and sound corporate governance. Operating expense grew moderately at 14% YoY in spite of the impact of FX devaluation and rising inflation which closed at 15.75% as at December 2020.
During the year, we concluded our maiden international credit rating by Fitch with B- (stable outlook) as at 31 December 2020. The Bank’s bold decision to proceed with an internationally accepted rating despite the challenging and uncertain operating environment is a reflection of the strength of its franchise, the efficacy of its business strategy and its commitment to delivering long term value for its clients.
In addition to this, the Bank raised several tranches of Commercial papers and issued its maiden subordinated bond which was fully subscribed, raising over N25 billion. The continued positive results recorded by the Bank in its issues of commercial papers and bonds is a testament to its strong credit rating in the capital markets and growing levels of investor confidence.
About Coronation Merchant Bank
Coronation Merchant Bank was established in 2015 to provide wholesale banking to a long-underserved market. The Bank offers: Corporate & Investment Banking, Private Banking/Wealth Management and Global Markets/Treasury Services to its niche clientele. It presently has two branches located in Abuja and Port Harcourt with its Head Office in Lagos, Nigeria.
The Bank has been the recipient of numerous international and national awards for product innovation and sound corporate governance practices. Some of the international awards it received in 2021, 2020 and 2019 include Best Investment Bank in Nigeria by Global Finance, Best Investment Bank in Nigeria by World Finance, Best Investment Bank in Nigeria by Global Banking & Finance Review, Best Investment Bank by Global Business Outlook and Best Investment Bank in Nigeria by International Finance.
The Bank’s nimble business strategy has enabled it to record considerable success in the few years of its operations. The bank attained a strong investment grade rating of “A+” with a stable outlook in 2020 (the highest among Merchant Banks in Nigeria) from Nigeria’s foremost rating Agency – Agusto & Co. The bank has also been rated ‘B-‘ with a Stable Outlook by Fitch, one of the ‘Top 3’ global rating agencies, making it the first and only Nigerian Merchant Bank to receive an international risk rating.
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Content Partners
AXA Mansard records 56% growth in profits after taxes audited
According to the company, investment and other income of N7.09 billion, up 25 per cent from5.67 billion.

Published
1 hour agoon
April 20, 2021
AXA Mansard Insurance Plc, a member of the AXA Group, has recorded 56 percent growth in profit after taxes audited of N4.54bn, up 56% from N2.91bn in December 2019
In a statement by the company, gross written premium of N47.58 billion, up 9 per cent from N43.62 billion while Net Premium Income of N31.72 billion, up 21 per cent from N26.29bn in December 2019
According to the company, investment and other income of N7.09 billion, up 25 per cent from5.67 billion; operating expenses of N7.7 billion, up 3 per cent N7.51billion, while profit before tax of N6.04 billion, up58 per cent from N3.83 billion recorded in December 2019.
Commenting on the results, Mrs. Ngozi Ola-Israel, the Chief Financial Officer said. “It was a challenging year, but we achieved strong growth in PAT (56%) and Underwriting profits (22%). We managed operating costs at a low level of growth of3% despite COVID headwinds and inflation. We remain committed to delivering excellent underwriting, investment and operating performance while focusing on the satisfaction of our customers and stakeholders.
Speaking on the financial development of the firm at the end of December 2020, the Chief Executive Officer, AXA Mansard Insurance, Kunle Ahmed, said “The 2020 full Year financial record is a proof of our ability to continually support customers to achieve their goals even in the midst of difficult and challenging times.
“With the support of our partners and through the harnessing of our distribution network, we achieved remarkable growth on our Health and P & C lines throughout the year. We are pleased that our continued effort to build a resilient non-bank financial services institution is yielding positive results”
Content Partners
FirstBank launches a new corporate website, reiterates its commitment to service delivery excellence
The new website is upgraded with features that are streamlined to reinforce its role in delivering seamless banking and technology solutions.

Published
19 hours agoon
April 19, 2021
FirstBank, Nigeria and indeed West Africa’s premier financial inclusion services provider has announced the launch of its newly designed website at https://www.firstbanknigeria.com/. The new website is upgraded with features that are streamlined to reinforce its role in delivering seamless banking and technology solutions to its customers across the world.
The website is configured with modern design and improved functionality that eases customer experience whilst carrying out various activities on the site, including electronic banking. Non-customers are also able to open an account, putting them at an edge in the industry as they establish a relationship with the Bank that puts YOU, its customers, First.
The new website seamlessly adopts a fresh, magazine-style look and feel for easy navigation in order to promote the access to essential information for its customers, FirstMonie agents, prospective agents and the public. This upgrade also guides one to make well-informed decisions about one’s personal, business and private financial needs.
Dr. Adesola Adeduntan, CEO of FirstBank Group, while speaking on the launch of the New Corporate Website, said that “as one of the key contact points to existing and potential customers, the Bank’s website remains a gateway to our business, supporting our unique value propositions and financial services solutions. As such, we are committed to continuously improve the overall user experience through intriguing content quality, exciting features and ease of navigation’’.
He further noted that “the Bank’s new website will be updated on a regular basis with exciting features that will continue to reinforce the Bank’s resolve to promote digital customer interactions and transactions across our virtual touchpoints and platforms’’.
Concluding, he remarked that ‘’the website will also serve as a financial services library that will keep customers and the public abreast of various financial services solutions and offerings, thereby helping them to improve their economic and social wellbeing’’. He encouraged everyone to explore the website and follow the Bank’s social media pages for updates.
FirstBank has continued to evolve over the years, successfully adopting the latest technology and embracing innovation in its quest to be African’s bank of first choice.
About FirstBank
First Bank of Nigeria Limited (FirstBank) is the premier Bank in West Africa and the leading financial inclusion services provider in Nigeria for over 126 years.
With over 750 business locations and over 86,300 Banking Agents spread across 99% of the 774 Local Government Areas in Nigeria, FirstBank provides a comprehensive range of retail and corporate financial services to serve its over 30 million customers. The Bank has international presence through its subsidiaries, FBN Bank (UK) Limited in London and Paris, FBNBank in the Republic of Congo, Ghana, The Gambia, Guinea, Sierra-Leone and Senegal, as well as a Representative Office in Beijing.
The Bank has been handy at promoting digital payment in the country and has issued over 10million cards, the first bank to achieve such a milestone in the country. FirstBank’s cashless transaction drive extends to having more than 10million people on its USSD Quick Banking service through the nationally renowned *894# Banking code and over 4.5 million people on FirstMobile platform.
Since its establishment in 1894, FirstBank has consistently built relationships with customers focusing on the fundamentals of good corporate governance, strong liquidity, optimised risk management and leadership. Over the years, the Bank has led the financing of private investment in infrastructure development in the Nigerian economy by playing key roles in the Federal Government’s privatisation and commercialisation schemes. With its global reach, FirstBank provides prospective investors wishing to explore the vast business opportunities that are available in Nigeria, an internationally competitive world-class brand and a credible financial partner.
FirstBank has been named “Most Valuable Bank Brand in Nigeria” six times in a row (2011 – 2016) by the globally renowned “The Banker Magazine” of the Financial Times Group; “Best Retail Bank in Nigeria” for seven consecutive years (2011 – 2017) by the Asian Banker International Excellence in Retail Financial Services Awards and “Best Bank in Nigeria” by Global Finance for 15 years. Our brand purpose is always to put customers, partners and stakeholders at the heart of our business, even as we standardise customer experience and excellence in financial solutions across sub-Saharan Africa, in consonance with our brand vision “To be the partner of the first choice in building your future”.
Our brand promise is always to deliver the ultimate “gold standard” of value and excellence. This commitment is anchored on our inherent values of passion, partnership and people, to position You First in every respect.
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