Coronation Merchant Bank has attributed the 303 per cent rise in Profit After Tax (PAT) to strategic repositioning and long-term value creation exhibited by the company during the 2024 financial year.

At the 10th yearly general meeting of the bank held in Lagos, the Chairman, Babatunde Folawiyo, emphasised the institution’s enduring commitment to strategic repositioning, governance and long-term value creation to shareholders.

According to him, the bank posted N12.9 billion PAT in its 2024 operations, against N3.2 billion achieved in the corresponding period in 2023 while profit before tax rose to ₦13.4 billion, marking a 283 per cent increase.

He pointed out that shareholders’ funds also rose to N45.8 billion, while return on average equity nearly doubled to 19 per cent, affirming the bank’s disciplined execution and capital efficiency.

In addition, its total assets expanded to ₦558.6 billion, up from ₦524.5 billion recorded in the previous year, reflecting continued stability and growth.

Folawiyo said: “At Coronation, we are building an enduring institution rooted in sound governance and driven by a clear purpose. 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 development.”

He disclosed that the bank introduced three new business verticals: Public Sector, Financial Institutions, and Affluent Banking designed to enhance sector-specific engagement and deepen relationships with clients.

Acting Managing Director and Chief Executive Officer of the bank, Paul Abiagam described 2024 as a pivotal year.

Despite a challenging environment shaped by economic reforms and regulatory changes, the Bank achieved triple-digit earnings growth and exceeded all internal performance benchmarks.