Coronation Merchant Bank declares N5.09bn profit after tax for 2019
The profit after tax represents a growth of 14 per cent when compared with N4.48 billion recorded in the corresponding period of 2018.Loans and advances to customers was up 34 per cent to N72.68 billion during the period compared with N54.3 billion achieved in 2018.
Its shareholders’ funds increased by 11 per cent to N34.57 billion against N31.15 billion in the comparative period of 2018. “Despite the volatility of our operating environment, we navigated the headwinds that dominated the year to deliver a modest performance in our financial results. He said the bank fully divested from its subsidiaries, returning its focus to its core strength of banking.According to him, this divestment is expected to free up additional capital and increase shareholders’ value.
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