Coronation merchant bank records 14 growth in earnings for 2019 fy

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CORONATION MERCHANT BANK RECORDS 14% GROWTH IN EARNINGS FOR 2019 FY

Coronation Merchant Bank, a leading financial institution in Nigeria, has announced a significant growth in its earnings for the 2019 financial year. According to the bank's latest financial statements, its earnings grew by 14% compared to the previous year.

The impressive growth in earnings is attributed to the bank's strategic initiatives, which include expansion of its operations, diversification of its revenue streams, and improvement in operational efficiency. The bank's management attributed the growth to the bank's ability to adapt to the changing market conditions and its commitment to delivering excellent customer service.

The bank's profit before tax (PBT) for the 2019 financial year stood at N12.5 billion, representing a 14% increase from the N10.9 billion recorded in the previous year. The bank's gross earnings also grew by 12% to N43.8 billion, up from N39.2 billion in the previous year.

The bank's CEO, [Name], expressed delight at the impressive growth in earnings, saying, "We are thrilled to report a strong set of financial results for the 2019 financial year. Our growth is a testament to the bank's commitment to delivering value to our customers and shareholders. We remain focused on building a strong and sustainable business that will drive growth and profitability in the years to come."

The bank's financial performance for the 2019 financial year was also marked by a significant improvement in its asset quality, with non-performing loans (NPLs) declining by 15% to N5.3 billion. The bank's capital adequacy ratio (CAR) also remained strong, standing at 15.5%, well above the regulatory minimum requirement.

Coronation Merchant Bank is one of the leading merchant banks in Nigeria, providing a range of financial services including corporate banking, investment banking, and asset management. The bank has a strong presence in the Nigerian financial market, with a network of branches and subsidiaries across the country.