2019: Coronation Merchant Bank records huge growth in earnings, declares N5bn profit
Coronation Merchant Bank Limited has announced its Audited Financial Results for the year 2019, with Profit After Tax of N5.097billion.
The Bank’s Profit After Tax increased by 14% from N4.484 billion in 2018 to N5.097 while Total Assets grew by 14% from N222.78 billion in 2018 to N253.35 billion. Non-interest income grew by 64% which was mainly driven by trading income. Operating expense declined moderately due to effective cost saving initiatives implemented by the organization. The Bank was able to curtail the YOY operating expense which dipped by 1% despite prevalent double-digit inflation.
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