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Tag: Coronation Merchant Bank

  • Coronation Merchant Bank posts N5.3b PBT

    Coronation Merchant Bank Limited has released its 2018 full year results to stakeholders in which the bank posted a Profit Before Tax of N5.3 billion.

    Its Group Managing Director/CEO,  Abu Jimoh, said that despite a difficult operating environment, the company stayed the course, recording modest growth across most financial indices.

    The growth we recorded in its profitability and capital position is a testament to the strength of our business model and the commitment of our people. When we look at where we stand today, our company is stronger, simpler, and better positioned to deliver long-term value to our stakeholders, thanks to the straightforward way in which we serve our customers and clients.

    As a platform for improving lives, our aim is to assist our customers to identify growth opportunities, harness these opportunities and in the process, enable businesses thrive, economies grow, and ultimately, help organizations fulfill their hopes and realise their ambitions.

    The Group maximized opportunities in its core business to deliver stable and sustainable revenue growing the topline revenue by 10 per cent compared to 2017. Profit Before Tax increased from N5.1 billion in 2017 to N5.3 billion while Total Assets grew by 63 per cent from N136 billion in 2017 to N223 billion.

    Jimoh stated: “As a Group, we have continued to expand our sector reach and meet our customers’ financing needs by offering products tailor made to their varied needs. In 2018, we deliberately increased our exposures to high quality obligors in Agriculture, Manufacturing and Oil & Gas sectors who fall within our risk acceptance criteria.

  • Coronation Merchant Bank holds graduation for investment bankers

    Coronation Merchant Bank Group has organised the second graduation ceremony of its annual annual banking and finance academy.

    The annual banking and finance academy is a graduate trainee programme for investment banking analyst which takes place over a period of eight months. During that time, budding analyst are trained across various areas of banking and financial services by exposing them to a broad based organizational learning function, 3-months internship programme, community development projects, corporate/soft skills development and a culture management programme.

    Speaking at the ceremony, Abu Jimoh, Group Managing Director/CEO of Coronation Merchant Bank Group, said that, “ The graduate trainee programme is our key way of resourcing the bank. It provides us with a platform to make meaningful contribution to the development of our host communities through the opportunities it provides to young people in the form of human capital development. Our strategy is to attract the best and brightest from across the world and immense them in our culture at a very early stage. We believe this strategy will help us in leadership sourcing as well as ensuring a well diversified workforce that will serve the organization in the years to come.

    Also speaking at the ceremony, Head,Enterprise Management of the bank,  Onayimi Aiwerioghene, stated that, “Our goal is to build the future of the banking group around these set of young and dynamic people. As they commence their journey towards becoming leading investment bankers in Nigeria, we are committed to providing them with the tools, resources and skills they need to make their career with us very successful.

    Coronation Merchant Bank group was established to fill the gap in a long-underserved market segment, seeking to address the need for long term capital across key sectors of the economy. The Group offers investment and corporate banking, private banking/wealth management and global markets/treasury services to its diverse clients. It also offers securities trading/brokerage, asset management and trustees services via its subsidiaries; Coronation Securities Limited, Coronation Asset Management Limited respectively.

     

     

     

  • Coronation Merchant Bank appoints ED

    The Board of Directors of Coronation Merchant Bank limited has announced the appointment of Banjo Adegbohungbe as an Executive Director and Chief Operating Officer of the Group. He will be responsible for the operations, information technology, digital channels and administrative divisions of the bank and its subsidiaries.

    He joins Coronation Merchant Bank having worked over eleven years at Access Bank Plc. in various leadership capacities including Group Head, Global Trade, Group Head, Global Payments and most recently Group Head, Corporate Operations.

    He began his career in Citibank Nigeria (formerly Nigeria International Bank Ltd) in April 1993 and rose through the ranks to become an Assistant General Manager in charge of the bank’s Trade Operations – a position he occupied before joining Access Bank in March 2007 as a Deputy General Manager. In 2011, he was promoted to General Manager, a position he held until his recent appointment as Executive Director/Chief Operating Officer of Coronation Merchant Bank.

     

     

  • Coronation Merchant Bank posts N25.5b gross earnings

    Coronation Merchant Bank Limited has announced its 2017 full year results to stakeholders, which showed gross earnings of N25.5 billion and N5.1 billion Profit Before Tax (PBT).

    Its Group Managing Director/CEO, Abu Jimoh, who spoke at the bank’s Annual General Meeting (AGM) in Lagos at the weekend,  said despite the tough market conditions that characterised significant parts of the year, the underlying business fundamentals of the bank remained strong as reflected in the Gross earnings growth of 66 per cent to N25.5 billion in the period ended December 31, 2017.

    “As we progress in our journey to become Africa’s premier Investment Bank, we remain committed to providing our clients with superior financial services, whilst generating attractive and sustainable returns for shareholders. The impressive results of the bank in the last three years demonstrated the effectiveness of our strategy, the quality of our past decisions and the commitment of our board and management to maximise shareholder’s value while actively expanding our franchise in select, high growth markets where we believe we have a competitive advantage,” he said.

    Coronation Merchant Bank Group recorded a notable improvement across key performance metrics in 2017, despite the tough and challenging operating environment. Its interest income growth of 67 per cent year-on-year and non-interest income growth of 57 per cent in 2017 re-affirmed the sustainability of “our core business growth”.

    “We will continue to gain momentum in our efforts to achieve more diversified earnings, as we strengthen our subsidiaries offerings.

    “Our deliberate focus on the efficiency of our business operations has continued to yield considerable returns for the Bank. Despite the high inflation rate, cost-to-income ratio increased marginally by 90 basis points to 46.1 per cent, reaffirming the bank’s commitment to rein in costs while improving operating efficiency.

    Aside from the strong earnings performance, the Group recorded a significant growth in its Balance Sheet in 2017. Total assets increased by 28 per cent to N136.7 billion from N106.6 billion in December 2016, and shareholder’s funds increased to N29.5 billion from N25.9 billion, a valid testament to the resilience of the Group’s operations and its adaptability to current market realities and challenges.

    “We will continue to maintain a disciplined and prudent approach in asset creation in line with our overall risk management framework and evidenced in our growth in loan book of 42 per cent, which increased from N22.7 billion to N32.3 billion with zero non-performing loans. While general economic conditions and the regulatory environment remain tight, we believe that our new business and lending strategies, embedded risk management culture and continuous cost savings will enable us stand firm throughout this period,” he said.

    In the coming years, according to him, the bank will focus on the disciplined implementation of “our growth strategy to drive efficiency in all segments of our business leveraging fintech and process re-engineering”.

    The bank also grew its total assets by 28 per cent to N136.7 billion while loans and advances to customers up 42 per cent to N32.3 billion.

    Coronation Merchant Bank group was established to fill the gap in a long-underserved market segment, seeking to address the need for long term capital across key sectors of the economy. The group offers investment and corporate banking, private banking/wealth management and global markets/treasury services to its diverse clients.

    It also offers securities trading/brokerage, asset management and trustees services via its subsidiaries: Coronation Securities Limited and Coronation Asset Management Limited respectively.

    Driven by its vision of becoming Africa’s premier investment Bank and with an asset base of over N130 billion, the banking group is certain to leverage its privileged direction by some Nigeria’s individuals, who excelled and rose to the top of merchant banking sector at its height of excellence to become the industry model for risk management, corporate governance and responsible business practices. Its quest for industry distinction is evident in its recently unveiled corporate identity, which has been designed to communicate the group’s vision, ambition and inner strength.

  • Coronation Merchant Bank: Winning laurels

    Coronation Merchant Bank Limited has taken the frontline of investment banking in Nigeria. With ranking industry awards, successful public offers and steady growth in profitability, Coronation Merchant Bank has within barely two years of operations etched its name as the emerging force in the Nigerian wholesale banking industry.

    Coronation Merchant Bank scored a double with the listing of three mutual funds on the same day at the Nigerian Stock Exchange (NSE) and emergence as the “Merchant Bank of the Year” at the BusinessDay Annual Banking Awards held in Lagos. Coronation Asset Management, a subsidiary of Coronation Merchant Bank, recently listed three mutual funds on the NSE, opening new opportunities for retail and institutional investors to invest in pools of diverse securities.

    The three listed funds were Coronation Money Market Fund; Coronation Fixed Income Fund and Coronation Balanced Fund. The listing followed the success of the company’s initial public offerings for the mutual funds. Within its first year of commencement of business, Coronation Asset Management successfully pooled 479 subscribers with N1.65 billion through the Coronation Money Market fund, Coronation Fixed Income had 39 subscribers and yielded N315.205 million while Coronation Balanced Fund with 64 subscribers achieved N198.615 million.

     

    The Facts

    In emerging as the winner in his award category, Coronation Merchant Bank outperformed other wholesale bankers in key performance indicators. A review of the criteria for the award category showed that Coronation Merchant Bank outstripped other nominees in terms of profit after tax, loan growth, return on average asset (ROAA) and return on average equity (ROAE). Coronation Merchant Bank Limited grew its pre-tax profit by 128 per cent to N5.3 billion in 2016 as the wholesale banker launched several bespoke product offerings to optimise its performance. The wholesale bank grew its profit before tax from N2.3 billion in 2015 to N5.3 billion in 2016 while net interest income rose by 86 per cent from N4.3 billion to N8 billion. The group also recorded a significant growth in its balance sheet in 2016 as total assets rose to N106.5 billion in 2016 as against N78.3 billion in 2015 while shareholder’s funds increased from N20.24 billion in 2015 to N25.9 billion. The wholesale banker also continued to maintain a disciplined and prudent approach in asset creation in line with its overall risk management framework as evidenced in growth in loan book of 817 per cent from N2.5 billion to N22.7 billion with zero non performing loans.

    Since commencing operations in 2015, the merchant bank has transitioned from a pure play discount house to a well-diversified financial services powerhouse, offering investment and corporate banking, private banking and wealth management and global markets and treasury services to its select clients. The group also offers, through its subsidiaries, a number of other services including securities trading and brokerage, asset management and trustees services. The Coronation Merchant Bank Group includes three subsidiaries-Coronation Securities Limited, Coronation Asset Management Limited and Coronation Trustees Limited.

     

    Corporate strategy

    Group Managing Director, Coronation Merchant Bank Limited, Mr. Abubakar Jimoh said the bank is on course for to deliver better performance.

    According to him, despite the harsh operating environment during the year, the bank has sustained its tradition of delivering exceptional performance across all financial indices through an intense focus on innovative product offerings, excellent service delivery as well as prudent cost control and risk management practices.

    He attributed the performance of the bank to increased efficiency in the overall funding mix and significant growth in the bank’s balance sheet size adding that the recent performance was a valid testament to the resilience of the group’s operations and its adaptability to current market realities and challenges.

    “The impressive results of the bank in our last two years of business operations demonstrate the effectiveness of our strategy as we continue to grow market share in key segments of the economy. At Coronation Merchant Bank, we have identified the segments of the market and the economic sectors we want to play in. We have also defined a robust risk management framework with strict risk acceptance criteria. We maintain a disciplined and prudent approach in all our exposures to both dollar and naira-based assets in line with the overall risk management framework of the Group. We employ world-class risk management capabilities that help to balance risk and return,” Jimoh said.

    He assured that while the general economic conditions and the regulatory environment remain tight, the bank’s new business and lending strategies, embedded risk management culture and continuous cost savings will enable it to stand firm throughout this period.

    “We remain on track to deliver on our 2017 financial projections,” Jimoh assured.

    Receiving the BusinessDay award, Jimoh dedicated the award to clients who provided the bank the opportunity to showcase its expertise and to employees whose commitment made Coronation Merchant Bank’s exceptional services and innovation evident.

    According to him, as a team of professionals with uncommon potentials, the bank is not only determined to become Africa’s premier investment bank, it is also its resolve to continuously create value for customers, investors and other stakeholder groups.

    Publisher, BusinessDay Newspaper, Mr. Frank Aigbogun, underscored the importance of the award noting that the awards programme was conceived to recognise competition and innovation.

    Aigbogun pointed out that the awards programme is renowned for its rigorous and transparent process in selecting outstanding financial institutions.

     

    Ambitious targets

    Against the background of the listing of the three mutual funds, Jimoh said Coronation Merchant Bank will not rest on its oars. According to him, the group plans to build up its mutual funds to more than N50 billion within the next nine months as it seeks to open up bespoke opportunities to retail investors.

    He said the bank will bring its experience in asset management to bear on its mutual funds to make them attractive to investors, adding that while the initial listing value of the three mutual funds was about N2.2 billion, the company plans to  grow the funds to N50 billion by the middle of the next year.

    “Our target is to get these funds to like N50 billion by latest the middle of next year and to be able to do that, we need to ensure that there are activities on the funds. So, we started with the introduction of about N2.2 billion, that is about N48 billion to go; that means significant things have to happen to get to that volume  since our target is to ensure that there is massive activity on the funds. We need to make it happen, it will happen,” Jimoh said.

    He said the launch of the collective investment schemes and their listing on the stock market provide opportunity for retail investors to get better returns and take advantage of the pool of capital to take advantage of benefits that usually accrue to large high networth investors.

    “It is an investment opportunity for retail investors. The fact that these are listed also means that there is also going to be liquidity and pricing is going to be transparent. Demand and supply will drive the price and the performance of the funds will also be in line with the best international practice. The fact that we can bring retail investors together to have the same kind of benefits like institutional investors means that you don’t have to be afraid to invest your small funds in the market because ordinarily if a retail person invests, you don’t get the benefits of mass investment,” Jimoh said.

    According to him, the company also plans to combine its bespoke funds for retail investors with other exotic products such as electronic traded funds and real estate funds among others.

    “Before the end of the first quarter of next year we will bring additional funds to the market. Because we are a part of a group –Coronation Merchant Bank, we are going to push and work hard to ensure that we operate with the highest level of probity to ensure that investors have confidence and then investment will definitely increase,” Jimoh said.

    He pointed out that the group has a strong pedigree in financial management as Coronation Merchant Bank has more than 24 years experience in financial management.

    “The history of Coronation Merchant Bank is that we have been in business since 1993. This is not a short-run kind of business, the company is in with long-term in mind, we have been doing it for a long time and we will continue to do it,” Jimoh said.

    Coronation Merchant Bank started as Associated Discount House Limited (ADHL) in 1993, owned by a consortium of financial institutions. ADHL became a leading financial services institution, thriving through the different headwinds the Nigerian economy has experienced. In 2011, a new leadership emerged at ADHL and by 2015; it launched its new brand name-Coronation Merchant Bank.

    Jimoh said the group’s collective investment schemes hold significant wealth-creating opportunities for Nigerians as these schemes provide small and medium scale investors opportunity to earn higher returns and minimise their risks.

    “Collective investment scheme ensures that you are able to get similar benefit that an institutional investor will get. If you have N2 billion total fund for instance compared to someone who invest N10,000, you discover that you stand in a position of strength  than when you are investing small amounts. For instance, the returns, on the average, in the money market fund in the last few years is about 16 to 17 per cent, if you are investing N10,000 to N20,000 as a small investor, you would be getting between two to three per cent. That’s how massive the increase in the rate can be. This should encourage other investors to come into the market and get the same kind of benefits. When you invest collectively, you will get benefits that individually you cannot get,” Jimoh said.

    For Coronation Merchant Bank, investment banking is not only for the high networth individuals and institutions, but also a wealth-creating powerhouse for the low to medium-income groups, a socio-economic bridge for the common good of all.

     

  • Coronation Merchant Bank chief lists auditors’ roles

    Internal Auditors are critical stakeholders needed by every organisation to realise set goals and sustainable growth, Managing Director/CEO Coronation Merchant Bank Limited, Abubakar Jimoh has said.

    Speaking at the 37th quarterly general meeting of the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN) in Lagos, Jimoh, who spoke on the theme: ‘“Internal Audit: Defence, Advisory and Consulting”, said companies with a focus on excellence always ensure that the Internal Audit Department maintains global standards in process and resource considerations.

    He cited the Institute of Internal Auditors’ (IIA) position that internal auditing as an independent, objective assurance and consulting activity is meant to add value and improve an organisation’s operations. He added that internal auditing brings systematic, disciplined approach to evaluation and improvement in the effectiveness of risk management, control, and governance processes.

    “This definition of internal audit provides comprehensive guidelines for the framework of internal audit and should be a critical reference point in formulating the complete internal audit approach. The internal audit activity must be free from interference by any influence that hinders the progress of work, including matters of audit selection, scope, procedures, frequency, timing, or report content to permit maintenance of a necessary independent and objective mental attitude,” Jimoh, who was represented by Mrs. Onome Komolafe, the bank’s  Executive Director Enterprise Support, said.

    Continuing, she said Internal Auditors must exhibit the highest level of professional objectivity in gathering, evaluating, and communicating information about the activity or process being examined. Internal auditors must make a balanced assessment of all the relevant circumstances and not being unduly influenced by their own interests or by others in forming judgments.

    Earlier in his welcome address, ACAEBIN Chairman, Abiodun Aderoju, praised Coronation Merchant Bank Limited for a job well done in hosting the event. He disclosed that ACAEBIN, formerly known as Committee of Chief Inspectors of Banks and Discount Houses in Nigeria (CCIBN), has been in existence for over 20 years and has been promoting interactions among CAEs.

    He also informed the gathering that the Association seeks to promote competence, ethical standard and professional behaviour among member organisations, while also building a common front with other stakeholders in the fight against fraud in the banking industry.

     

  • Coronation Merchant Bank: N100b capital, new rating

    The Coronation Merchant Bank Limited’s credit rating has been upgraded by Agusto& Co from “A” to “A+” with a stable outlook.The rating upgrade was triggered by the bank’s good asset quality, strong liquidity profile, marked improvement in profitability and over N100 billion capital base. The merchant bank was also awarded the International Organisation for Standardisation’s ISO 27001:2013 certification for information security management by the British Standard Institute (BSI), writes COLLINS NWEZE.

    For Coronation Merchant Bank Limited, there is urgent need to fill the banking gap within the underserved market segment and also provide long term capital across key sectors of the economy.

    The lender has therefore through its investment and corporate banking, private banking/wealth management and global markets/treasury services to its diverse clients and also met the needs of the underserved.

    The bank’s credit rating was upgraded by Agusto& Co from “A” to “A+” with a stable outlook. The exercise was a certification of the lender’s position as a leading Merchant Bank in the country.

    Coronation Merchant Bank Managing Director/CEO Abubakar Jimoh said the merchant lender also offers securities trading/brokerage, asset management and trustees services via its subsidiaries- Coronation Securities Limited, Coronation Asset Management Limited, respectively.

    “Driven by its vision of becoming Africa’s premier investment bank and with an asset base of over N100 billion, the banking group is certain to leverage its privileged direction by some of Nigeria’s individuals who excelled and rose to the top of merchant banking sector at its height of excellence to become the industry model for risk management, corporate governance and responsible business practices,” the bank said.

    According to Agusto& Co., the upgrade is underpinned by the bank’s good asset quality, strong liquidity profile, marked improvement in profitability, good capitalisation levels as well as skilled and experienced management team.

    Jimoh explained that over the past one year, the lender has demonstrated a strong capacity to navigate the challenging and complex business environment in a manner that guarantees shareholders value.

    He said the rating upgrade is a valid testament of the bank’s strong risk management framework and the positive impact on asset quality as well as ‘’our commitment in becoming the Africa’s premier Investment bank’’.

    “The bank will continue to deliver exceptional performance across all financial and non-financial indices through an intense focus on innovative product offerings, excellent service delivery, prudent cost control measures and robust risk management practices,” he said.

    “Inspired by its aspiration of becoming Africa’s Premier Investment Bank, Coronation Merchant Bank is already demonstrating industry leadership in responsible business practices. Coronation Merchant Bank will continue to focus on bringing world class advisory services, accompanied by innovative products and services to Nigeria and Sub-Saharan Africa over the next decade, whilst remaining committed to our values of strong governance and transparency,” the lender said.

    Coronation Merchant Bank was also awarded the International Organisation for Standardisation’s ISO 27001:2013 Certification for Information Security Management by the British Standard Institute (BSI).

    The ISO 27001:2013 certification signifies the bank’s adherence to the highest internationally recognised standards and stringent controls for managing data and protecting customer information across all the bank’s systems, processes and services.

    Jimoh said that the ISO 27001:2013 certification is an affirmation of the lender’s commitment to its vision of being Africa’s premier investment bank in the shortest possible time.

    “This certification is further attestation of our desire to run an institution that does not only ensure statutory functions of maintaining the integrity and confidentiality of customer information; but that will go a long way in enhancing a broad risk management structure that has the confidence of our customers and other stakeholders. By this certification, we are making a clear statement of our capacity to not only minimise security breaches but also effectively predict and respond to security incidents whilst maintaining business continuity’’.

    It also showed the bank’s adherence to the highest internationally recognised standards and stringent controls for managing data and protecting customer information across all the bank’s systems, processes and services.

    The BSI is a leading organisation in Audit Management Systems and Processes. The certifications, the bank said, are the world’s highest accreditation for Information Security and Service Management.

    According to him, “This certification is further attestation of our desire to run an institution that does not only ensure statutory functions of maintaining the integrity and confidentiality of customer information; but that will go a long way in enhancing a broad risk management structure that has the confidence of our customers and other stakeholders. By this certification, we are making a clear statement of our capacity to not only minimise security breaches but also effectively predict and respond to security incidents whilst maintaining business continuity’’.

    Coronation Merchant Bank’s quest for industry distinction is evident in its recently unveiled corporate identity which has been designed to communicate the Group’s vision, ambition and inner strength. It has two branches located in Abuja and Port Harcourt with its Head Office in Lagos, Nigeria.

    He said the bank will continue to deliver exceptional performance across all financial and non-financial indices through an intense focus on innovative product offerings, excellent service delivery, prudent cost control measures and robust risk management practices.

    New identity

    The bank has also unveiled its new corporate identity. The lender’s new brand was to reflect its strategic direction to meet the market’s future needs.

    The bank is an emerging merchant banking franchise with industry-leading financial stability indicators.Far more than just a logo, the new corporate identity was designed to communicate its vision to be Africa’s premier investment bank, ambition and inner strength.The lion, a core feature in the design, is a widely-recognised symbol of Africa, typifying courage, leadership and intelligence.

    These are attributes the bank must demonstrate to achieve its vision and become a respected brand within the African sub-region.

    Jimoh, said: “There is a clear market demand for more sophisticated banking services from Nigeria’s top-tier corporates. Coronation Merchant Bank will focus on bringing world-class advisory services, accompanied by innovative products and services to the sub-region. It will deepen and broaden economic growth over the next decade, whilst remaining committed to our values of strong governance and transparency.”

    Chairman, Coronation Merchant Bank, BabatundeFolawiyo stated: “The transition to a new brand, with a broader and more strategic focus, is a major milestone for our organisation as a full service merchant bank capable of supporting the wider economy, and with a balance sheet to support its ambitions.

     

    Profitability

    The bank recorded 128 per cent growth in its profit before tax (PBT) which rose to N5.6 billion in 2016. The bank’s financial statements for the operating year ended December 31, 2016 shows that its net-interest income increased by 86 per cent from N4.3 billion in 2015 to N8billion in 2016, prompted by increased efficiency in the overall funding mix and significant growth in the bank’s balance sheet size.

    Jimohsaid stated: “The impressive results of the bank in the last two years of business operation demonstrates the effectiveness of our strategy as we continue to grow our market share in key segments of the economy. We will continue to maintain a disciplined and prudent approach in our exposures to dollar based assets in line with our overall risk management framework. As at December 31, 2016, our Non-Performing Loans (NPL) ratio stood at zero percent”.

     

  • Coronation Merchant Bank posts N5.3b profit

    Coronation Merchant Bank Limited grew its pre-tax profit by 128 per cent to N5.3 billion in 2016 as the wholesale banker launched several bespoke product offerings to optimise its performance.

    At the annual general meeting of the bank yesterday in Lagos, Group Managing Director, Coronation Merchant Bank Limited, Mr. Abu Jimoh said the bank grew its profit before tax from N2.3 billion in 2015 to N5.3 billion in 2016 while net interest income rose by 86 per cent from N4.3 billion to N8 billion.

    He noted that despite the harsh operating environment during the year, the bank sustained its tradition of delivering exceptional performance across all financial indices through an intense focus on innovative product offerings, excellent service delivery as well as prudent cost control and risk management practices.

    He attributed the performance of the bank to increased efficiency in the overall funding mix and significant growth in the bank’s balance sheet size.

    He pointed out that the group also recorded a significant growth in its balance sheet in 2016 as total assets rose to N106.5 billion in 2016 as against N78.3 billion in 2015 while shareholder’s funds increased from N20.24 billion in 2015 to N25.9 billion.

    He said the performance in 2016 was a valid testament to the resilience of the group’s operations and its adaptability to current market realities and challenges.

    “The impressive results of the bank in our last two years of business operations demonstrate the effectiveness of our strategy as we continue to grow market share in key segments of the economy. We will continue to maintain a disciplined and prudent approach in asset creation in line with our overall risk management framework as evidenced in our growth in loan book of 817 per cent from N2.5 billion to N22.7 billion with zero non performing loans,” Jimoh said.

    He assured that while the general economic conditions and the regulatory environment remain tight, the bank’s new business and lending strategies, embedded risk management culture and continuous cost savings will enable it to stand firm throughout this period.

    “We remain on track to deliver on our 2017 financial projections,” Jimoh assured.

    Coronation Merchant Bank group was established to fill the gap in a long-underserved market segment, seeking to address the need for long term capital across key sectors of the economy. The group offers investment and corporate banking, private banking and wealth management and global markets and treasury services to its diverse clients.