Connect with us

Business

Coronation Merchant Bank Group records 66% growth in Gross Earnings for 2017 FY

Published

on

 
Coronation Merchant Bank Limited (‘CORONATION MB); Nigeria’s leading merchant banking brand, announced its 2017Full Year Results to stakeholders at its Annual General Meeting held in Lagos, in which the Bank posted a Profit Before Tax of N5.1billion.
Speaking at the AGM, Abu Jimoh, Group Managing Director/CEO of Coronation Merchant Bank Limited said that, “despite the tough market conditions that characterized significant parts of the year, the underlying business fundamentals of the Bank remained strong as reflected in the Gross earnings growth of 66% to N25.5Bn in 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 3 years demonstrate the effectiveness of our strategy, the quality of our past decisions and the commitment of our board & management to maximize shareholder value whilst actively expanding our franchise in select, high growth markets where we believe we have a competitive advantage.
Coronation MB Group recorded a notable improvement in key performance metrics in 2017, despite the tough and challenging operating environment. Our interest income growth of 67% y/y and non-interest income growth of 57% in 2017re-affirm 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 90bps to 46.1% (Dec 2016: 45.2%), 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% to N136.7bn from N106.6bn in December 2016, and shareholder’s funds increased to N29.5bn from N25.9bn – 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% which increased from N22.7bn to N32.3bn with zero NPL.
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 to stand firm throughout this period.
In the coming years, we 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.

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, and has two branches located in Abuja and Port Harcourt with its Head Office in Lagos, Nigeria. 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.

Sahara weekly online is published by First Sahara weekly international. contact saharaweekly@yahoo.com

Continue Reading
Advertisement
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Business

The Purple Blossom Dental Studio Opens Its Doors with State-of-the-Art Facilities in Moreleta Park

Published

on

The Purple Blossom Dental Studio Opens Its Doors with State-of-the-Art Facilities in Moreleta Park

Excitedly, the Purple Blossom Dental Studio has officially reopened its doors in Moreleta Park, Pretoria, bringing advanced dental care and technology to the heart of the community. The studio, known for its dedication to providing top-tier service, has undergone a major upgrade, ensuring patients receive the highest standard of care in a serene and comfortable environment.

The studio caters to patients of all ages, offering a range of services from routine check-ups to specialized treatments. Whether you’re looking to maintain your oral health or seeking cosmetic dental work, the team at The Purple Blossom Dental Studio is committed to helping you smile with confidence.

“We are thrilled to be back and better than ever,” said the spokesperson for The Purple Blossom Dental Studio. “Our goal is to provide every patient with exceptional dental care using the latest technology and techniques, all while ensuring a relaxing and welcoming atmosphere.”

The Purple Blossom Dental Studio Opens Its Doors with State-of-the-Art Facilities in Moreleta Park

The studio invites new and returning patients to schedule their appointments and experience the difference that modern dental care can make. The clinic’s professional team is eager to meet the needs of the local community, and they emphasize that healthy, beautiful smiles are their top priority.

Location:
The Purple Blossom Dental Studio
1277 De Villebois Mareuil Drive
Moreleta Park, Pretoria

For Appointments:
Call 012 997 2040

This marks a significant milestone for The Purple Blossom Dental Studio, as it continues to expand its reach and elevate the dental care experience in Pretoria.
https://g.co/kgs/rJr1etX

Continue Reading

Business

Reliable Source Defends Okunfulure Olusola Steve, Denies Money Laundering Allegations

Published

on

Reliable Source Defends Okunfulure Olusola Steve, Denies Money Laundering Allegations

 

A trusted and close associate of Mr. Okunfulure Olusola Steve has come forward to refute the widespread reports alleging his involvement in money laundering.

According to the source, who is based in the United States and has longstanding ties with Mr. Olusola, the Nigerian-born businessman is a legitimate entrepreneur with a verifiable professional background in the U.S.

“I want to categorically state that Olusola is not involved in money laundering,” the associate stated. “He is a law-abiding citizen who has never engaged in any criminal activity.”

The source clarified that Mr. Olusola was in Nigeria to attend a private function and was apprehended at Murtala Muhammed International Airport while returning to the U.S., with $30,000 in his possession. The issue reportedly arose due to his failure to properly declare the amount to airport authorities, which led to allegations of money laundering.

“This situation has caused significant distress to his family, friends, and associates, as Olusola is widely regarded as a person of integrity and good character,” the associate added.

It will be recalled that Justice Deinde I. Dipeolu of the Federal High Court in Ikoyi, Lagos, on Wednesday, April 2, 2025, convicted and sentenced Mr. Okunfulure Olusola Steve to three months imprisonment for money laundering. He was arrested on March 28, 2025, by operatives of the Nigeria Customs Service at the airport for failing to declare the $30,000 in his possession, in violation of the law.

Continue Reading

Business

AARE ADETOLA EMMANUELKING AT 50: REDAN PRESIDENT CELEBRATES HIS VISIONARY LEADERSHIP

Published

on

AARE ADETOLA EMMANUELKING AT 50: REDAN PRESIDENT CELEBRATES HIS VISIONARY LEADERSHIP

 

It is with great pleasure that I, Prince Akintoye Adeoye, President and Chairman of Council of the Real Estate Developers Association of Nigeria (REDAN), on behalf of the entire Association, extend my warmest birthday wishes to you.

As you celebrate your birthday today, we recognize your outstanding contributions to the real estate industry. Your visionary leadership in making homeownership accessible and building Adron Homes & Properties into a leading brand sets a high standard for excellence. Your passion and dedication continue to inspire many of us in the real estate sector.

Today is not just a birthday; it is a celebration of your remarkable achievements, wisdom, and the abundant grace of God. From a visionary start to shaping the future of affordable housing in Nigeria, your leadership in the real estate sector has been ground-breaking.

REDAN is proud to recognize your invaluable contributions to the real estate sector and our association. As you step into this new age, may you be blessed with continued success and even greater accomplishments in all your endeavors.

Turning 50 is a momentous occasion, offering a time for reflection on the many successes and cherished memories that have shaped your journey. At REDAN, we wish you continued good health, wisdom, and divine grace as you keep contributing to the advancement of the real estate sector and our beloved nation.

May this year and the ones ahead be filled with even greater achievements, joy, and fulfillment.

Once again, happy 50th birthday, Aare Adetola Emmanuel King.

Thank you.

Yours faithfully,

FOR: REAL ESTATE DEVELOPERS’ ASSOCIATION OF NIGERIA

Prince Akintoye Adeoye
President & Chairman of Council

Continue Reading

Cover Of The Week

Trending