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Coronation Merchant Bank posts N5.78b profit

Coronation Merchant Bank has announced N5.78 billion Profit Before Tax (PBT) for the full year ended December 31, 2020. The performance came despite the Covid-19 pandemic, which disrupted businesses through the year.

The bank made this known during its Sixth Annual General Meeting (AGM) at its head office in Lagos.

Its Chairman, Babatunde Folawiyo, said the huge profit represents a 15 per cent increase from the N5.024 billion made by the bank the previous year. He said the bank will pay N33 kobo dividend to shareholders.

He announced that the bank’s total assets “grew by 63 per cent from N253.35 billion in 2019 to N412.36 billion in 2020’’.

“Earning assets reached N269 billion, representing a 62 per cent rise from the 2019 position. Customer’s deposits and funds grew by 41 per cent from N138 billion in 2019 to N195 billion in 2020.

“Loans to customers also increased from N72.2 billion in 2019 to N122 billion in 2020. Non-interest income grew by 23 per cent to N7.4 billion and net interest income closed at N4.68 billion.

“Overall the bank maintained healthy prudential ratios above regulatory thresholds, with loan to funding ratio of N67.86 per cent, capital adequacy ratio of 19.87 per cent and liquidity ratio of 50.93 per cent as at December 2020.

“We also continued to record zero per cent non-performing loans while maintaining our credit discipline and a fortified balance sheet,” he added.

The shareholders have approved the proposal of the directors, a final dividend payment of 33 kobo per share be made to shareholders whose names are registered in the register of members by April 5, 2021.

The bank’s Managing Director/Chief Executive Officer (CEO), Banjo Adegbohungbe, attributed its successes to improved technology and digital infrastructure, hard work, training, and staff members’ dedication.

He said: “Recognising the impact of remote working on our operations, we improved our technology and digital infrastructure to adapt more readily to emerging trends and protect the bank against cyber-attacks.

“Also, we modelled our business model to adapt to the “new normal” by proactively protecting and equipping our people to work remotely and deliver superior banking services to our customers.”

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