Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Markets Equities Company Results

Coronation Merchant Bank records 61% growth in gross earnings for 2021 FY

NM Press by NM Press
April 6, 2022
in Company Results, Corporate Press Releases
Corporate Finance and Business Valuation redefined by Coronation Capital
Share on FacebookShare on TwitterShare on Linkedin

Coronation Merchant Bank Limited has announced its Audited Financial Results for the year ended 31 December 2021 and declared a PBT of N2.796 bn

Commenting on the financial results, Banjo Adegbohungbe, the Managing Director of Coronation Merchant Bank said that “The year was characterized by significant challenges including the escalating impact of cash reserve requirements, negative carry on fixed income securities, FX illiquidity and rising regulatory costs. In spite of these headwinds, we delivered a modest financial performance with a stronger balance sheet and solid prudential ratios”.

Profit before tax declined by 52% from N5.784 billion in 2020 to N2.796 billion while Total Assets grew by 15% from N412.19 billion in 2020 to N473.97 billion in 2021. Net interest income declined by 75.05% from N4.005 billion to N999 million. This is primarily due to the higher cost of funding the regulatory cash reserve requirement and the special bills issued by the CBN. Non-interest income grew by 22%, largely driven by trading income and commissions and fees.

Operating expenses grew by 24% YoY driven largely by significant increase in NDIC premium and other regulatory induced costs. Cost of risk remained at a healthy level of 0.10% while nil NPL was recorded for the sixth consecutive year.

Financial Highlights

  • Total Assets grew by 15% from N412.19 billion in 2020 to 97 billion.
  • Loans and advances to customers up 23% to N151.22 billion as at Dec 2021 (Dec 2020: N122.68 billion)
  • Customer Deposits down 9% to 36 billion as at Dec 2021 (Dec 2020: N195.16 billion)
  • Profit Before Tax down 52% to N2.796 billion (Dec 2020: 784 billion)
  • Shareholders’ Funds down by 1% to 80 billion (Dec 2020: N40.11 billion)

Key Ratios

  • Capital Adequacy Ratio: 97% as at Dec 2021 (Dec 2020: 19.87%)
  • Regulatory Loan to Funding Ratio: 0% as at Dec 2021 (Dec 2020: 67.9%)
  • NPL Ratio: 0% as at Dec 2021 (Dec 2020: 0%)
  • Cost to Income Ratio of 6% as at Dec 2021 (Dec 2020: 50.3%)
  • Net Interest Margin: 34% as at Dec 2021 (Dec 2020: 1.63%)
  • EPS: 40 kobo (Dec 2020: 100 kobo)
  • Return on Equity 00% as at Dec 2021 (Dec 2020: 15.49%)

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 is currently rated ‘B-‘ with a Stable Outlook by Fitch, one of the ‘Top 3’ global rating agencies, and it is it the first and only Nigerian Merchant Bank to receive an international risk rating. It is also currently rated “A+” with a stable outlook by Agusto & Co.

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 2022, 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.

Related

Tags: Coronation Merchant Bank

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Hot forex
Cornerstone
Mega Millions
Polaris Bank
Eco Bank
Access Bank
Bankers Committee
First bank


FCMB
Ikeja Electrics




    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • The life and times of a bus conductor in Lagos: The job nobody really wants
    • Meet Ochai Agbaji of Nigerian heritage picked in the 2022 NBA Draft to join Cleveland Cavaliers
    • INEC explains conditions for substitution of vice presidential candidates by political parties

    Follow us on social media:

    Recent News

    “Ó Wà óóó!” —  What I learnt being a bus conductor for one day

    The life and times of a bus conductor in Lagos: The job nobody really wants

    June 25, 2022
    Meet Ochai Agbaji of Nigerian heritage picked in the 2022 NBA Draft to join Cleveland Cavaliers

    Meet Ochai Agbaji of Nigerian heritage picked in the 2022 NBA Draft to join Cleveland Cavaliers

    June 25, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com