Coronation Merchant Bank records 15% growth in PBT for 2020


coronation bank

Declares PBT of N5.784bn

Coronation Merchant Bank Limited has announced its Audited Financial Results for the year ended 31 December 2020 and declared a PBT of N5.784 bn.

Commenting on the financial results, Banjo Adegbohungbe, the Managing Director of Coronation Merchant Bank said that “despite the challenges in our operating environment, we navigated the headwinds that characterised the year to deliver strong results. In a year when the entire world grappled with the debilitating effects of the COVID-19 pandemic, we strengthened our partnerships with our customers and created sustainable value for our shareholders”.

Financial Highlights
Total Assets up 63% from N253.35 billion in 2019 to N412.36 billion.
   Loans and advances to customers up 69% to N122.21 billion as at Dec 2020 (Dec 2019: N72.2 billion)
   Customer Deposits up 41% to N195.16 billion as at Dec 2020 (Dec 2019: 138.08 billion)
   Profit After Tax down 1% to N5.040 billion (Dec 2019: N5.097 billion)

Source: Vanguard Newspaper

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