Quintessential Education
Saturday, December 2, 2023
About Us
Advert Rates
  • Home
  • Across Nigeria
    • Local Govt Education
    • Ministries of Education
    • Primary Education
    • Secondary Education
  • Business Education
  • Education Beyond Borders
    • African Education
    • American Education
    • Caribbean Education
    • European Education
    • Diplomatic Education
  • School Managers
  • The Pedagogues
  • Trends In Higher Education
  • Arts & Books
  • Sports
IJQE-International Journal of Quintessential Education
No Result
View All Result
coronation-merchant-bank-records-61%-growth-in-gross-earnings-for-2021-fy

Coronation Merchant Bank records 61% growth in gross earnings for 2021 FY

by
April 6, 2022
Reading Time: 2 mins read
0

Coronation Merchant Bank Limited has announced its Audited Financial Results for the year ended 31, December 2021 and declared a PBT of N2.796billion.

Managing Director, Banjo Adegbohungbe said the year was characterized by significant challenges including the escalating impact of cash reserve requirements, negative carry on fixed income securities, FX illiquidity and rising regulatory costs.

YOU MAY ALSO LIKE

Group calls for reversal of fuel subsidy removal, threatens protest within 7 days

BREAKING: Labour convenes emergency NEC, set to probe subsidy payments under Buhari

“In spite of these headwinds, we delivered a modest financial performance with a stronger balance sheet and solid prudential ratios”, Adegbohungbe noted.

Profit before tax declined by 52% from N5.784billion in 2020 to N2.796billion, while Total Assets grew by 15% from N412.19billion in 2020 to N473.97billion in 2021.

Net interest income declined by 75.05% from N4.005billion to N999million. This is primarily due to the higher cost of funding the regulatory cash reserve requirement and the special bills issued by the Central Bank of Nigeria (CBN).

ADVERTISEMENT
ADVERTISEMENT

Non-interest income grew by 22%, largely driven by trading income and commissions and fees.

Operating expenses grew by 24% YoY driven largely by significant increase in NDIC premium and other regulatory induced costs.

Cost of risk remained at a healthy level of 0.10%, while nil NPL was recorded for the sixth consecutive year.

In the highlights, Total Assets grew by 15% from N412.19billion in 2020 to N473.97billion; Loans and advances to customers up 23% to N151.22billion as at Dec 2021 (Dec 2020: N122.68billion).

Customer Deposits down 9% to N177.36billion as at Dec 2021 (Dec 2020: N195.16billion); Profit Before Tax down 52% to N2.796billion (Dec 2020: N5.784billion); Shareholders’ Funds down by 1% to N39.80billion (Dec 2020: N40.11billion).

Capital Adequacy Ratio: 17.97% as at Dec 2021 (Dec 2020: 19.87%); Regulatory Loan to Funding Ratio: 74.0% as at Dec 2021 (Dec 2020: 67.9%); NPL Ratio: 0% as at Dec 2021 (Dec 2020: 0%).

Cost to Income Ratio of 69.6% as at Dec 2021 (Dec 2020: 50.3%); Net Interest Margin: 0.34% as at Dec 2021 (Dec 2020: 1.63%); EPS: 40 kobo (Dec 2020: 100 kobo); Return on Equity 7.00% as at Dec 2021 (Dec 2020: 15.49%).

Coronation Merchant Bank records 61% growth in gross earnings for 2021 FY

ShareTweetSend

Enter your email address and receive notifications of news by email

Unsubscribe
ADVERTISEMENT
Previous Post

Event: Philadelphia’s gun violence epidemic and mental health

Next Post

Australia: a budgetary mixed bag for higher education

Related Posts

group-calls-for-reversal-of-fuel-subsidy-removal,-threatens-protest-within-7-days
Business Education

Group calls for reversal of fuel subsidy removal, threatens protest within 7 days

June 2, 2023
0
breaking:-labour-convenes-emergency-nec,-set-to-probe-subsidy-payments-under-buhari
Business Education

BREAKING: Labour convenes emergency NEC, set to probe subsidy payments under Buhari

June 2, 2023
0
Business Education

We didn’t devalue Naira – CBN

June 1, 2023
0
Business Education

FIRS: Nigeria’s Tax-to-GDP ratio 10.86% as at 2021

May 31, 2023
0
Business Education

NNPCL increases official fuel pump price to N537 per litre

May 31, 2023
1
Business Education

Subsidy removal: Fuel sold above N500 in Abuja, others

May 31, 2023
0

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

ADVERTISEMENT

About Us

THE QUINTESENTIAL EDUCATIONAL NEWSPAPER
is an international Newspaper with focus on developments in the education sector. We have a broad focus on developments in Countries in the African Continent, Countries in North America, especially the Caribbean, Europe and Asia.

Recent News

  • Arthur Eze appointed pro-chancellor of Peaceland University
  • APPLY: 2023 FIPL SIWES Internship Programme
  • EMOTIONAL DAMAGE!! Zinoleesky Buys N100 Million Ferrari, Fans Wonder What Seyi Vibez Will Do
  • 72, 831 candidates sit for National Common Entrance nationwide
  • About Us
  • Adverts Rate
  • Privacy & Policy
  • Contact Us

© 2021 IJQE -THE QUINTESSENTIAL EDUCATION | Designed by RoyalWeb.

No Result
View All Result
  • Home
  • Across Nigeria
    • Local Govt Education
    • Ministries of Education
    • Primary Education
    • Secondary Education
  • Business Education
  • Education Beyond Borders
    • African Education
    • American Education
    • Caribbean Education
    • European Education
    • Diplomatic Education
  • School Managers
  • The Pedagogues
  • Trends In Higher Education
  • Arts & Books
  • Sports

© 2021 IJQE -THE QUINTESSENTIAL EDUCATION | Designed by RoyalWeb.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.