As a testament to its gradual emergence as Africa’s premier merchant Bank, Coronation Merchant Bank has emerged as the ‘Merchant Bank of the Year’ at the 2017 edition of the BusinessDay Annual Banking Awards held in Lagos over the weekend.
In emerging as the winner in his award category, Coronation Merchant Bank outperformed the three other merchant banks in the industry. Specifically, Coronation Merchant Bank led the pack in four out of the six award parameters to emerge as the ‘Merchant Bank of the Year’.
A review of the criteria for the award category shows that Coronation Merchant Bank outstripped other nominees in the following key performance indicators, Profit After Tax (PAT), Loan Growth (LG), Return on Average Asset (ROAA) and Return on Average Equity (ROAE). Coronation Merchant Bank grew its PAT by 59.30% in the year under review way ahead of the other banks.
The Bank also demonstrated industry leadership in loan growth, which validates its support for the development of the nation’s economy. Over the past one year, Coronation Merchant Bank grew its loan portfolio by 817.26 %, attesting to the effective performance of its role as a financier Nigeria’s top corporates.
Receiving the award, the Bank’s Managing Director, Jimoh Abubakar dedicated the award to clients who provided the bank the opportunity to showcase its expertise and to the Bank’s employees whose commitment made Coronation Merchant Bank’s exceptional services and innovation evident. He added that “As a team of professionals with uncommon potentials, we are not only determined to become Africa’s premier investment bank, it is also our resolve to continuously create value for our customers, investors and other stakeholder groups”.
While opening the award ceremony, Mr. Frank Aigbogun, Publisher BusinessDay Newspaper, the organisers of the BusinessDay Annual Banking Awards described the awards as “an initiative conceived to recognise competition and innovation in one of the fastest growing and fierce markets, adding that the awards programme is renowned for its rigorous and transparent process in selecting outstanding financial institutions”.
Undoubtedly, the meaning of this statement is embedded in Coronation Merchant bank’s efficiency in resource management. Ahead of industry operators nominated in the Merchant Bank of the Year Award category, Coronation Merchant Bank demonstrated an unrivalled capacity to maximise that value of its resources by putting its asset and equity to effective use.
The Bank’s best-in-class 5.55% Return on Average Asset (ROAA) and 22.26 Return on Average Equity (ROAE) is attributable to its huge investment in innovative ideas and adherence to sustainable business practices. Expectedly, these have continued to propel the Bank and position the brand for creation of new standards in the African banking landscape.