Coronation Merchant Bank: 303% Profit Surge in 2024
Coronation Merchant Bank’s profit skyrocketed with an notable 303% surge in 2024, a testament to its strategic repositioning and robust financial strategies. This merchant bank witnessed Profit after Tax reach ₦12.9 billion, complemented by a 283% rise in profit Before Tax, signaling notable operational excellence and a commitment to shareholder value. News Directory 3 reports that the bank’s total assets also grew, reflecting disciplined capital management and effective financial success amidst a dynamic market. The introduction of new business verticals further positions Coronation for sustained growth. What innovations are on the horizon? Discover what’s next…
Coronation Merchant Bank Achieves Significant Profit Surge in 2024
Updated June 01, 2025
Coronation Merchant Bank reported a 303% surge in Profit After Tax (PAT) for the 2024 financial year. Executives attributed this significant growth to strategic repositioning, operational discipline, and a focus on shareholder value. The declaration occurred during the bank’s 10th Annual General meeting (AGM) in Lagos.
Board Chairman Babatunde Folawiyo said the bank’s PAT reached ₦12.9 billion in 2024, a ample increase from ₦3.2 billion the previous year. Profit Before Tax (PBT) also saw a considerable rise, climbing to ₦13.4 billion, marking a 283% increase. Folawiyo described these achievements as a direct result of Coronation’s long-term strategy, efficient capital use, and strong governance.
The bank’s total assets experienced healthy growth,increasing from ₦524.5 billion in 2023 to ₦558.6 billion in 2024. Shareholder funds also rose to ₦45.8 billion, with the return on average equity (ROAE) nearly doubling to 19%.This performance reinforces coronation’s reputation for disciplined capital management and effective financial success.
Folawiyo noted that despite challenges in the broader financial landscape, Coronation maintained a focused and efficient approach to its strategic priorities. These priorities include a commitment to digital transformation, enhanced customer engagement, and expansion into new market segments, driving overall merchant bank growth.
To further enhance its services, the bank introduced three new business verticals: Public Sector, Financial Institutions, and Affluent Banking. These segments aim to deepen sector-specific relationships, improve customer engagement, and deliver tailored financial solutions across various market demographics, boosting strategic repositioning efforts.
“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 progress.”
Acting Managing Director and CEO Paul Abiagam described 2024 as a pivotal year for the institution. He noted that despite operating in a complex surroundings characterized by regulatory reforms, currency volatility, and economic restructuring, Coronation achieved triple-digit growth and surpassed 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.
Abiagam attributed the bank’s strong performance to disciplined risk management, customer-centric strategies, and the dedication of its staff and management.
what’s next
Looking ahead, Coronation Merchant Bank plans to continue investing in technology, strengthen stakeholder partnerships, and expand its service offerings to maintain its competitive edge in the evolving financial services sector.