Greenwich Merchant Bank Limited’s operating revenues improved considerably in the first half of 2024 to N7.8 billion from N5.9 billion in 2023, driven by stable earnings from the core lending business.
Since its transition to a merchant bank from an investment bank in September 2020, Greenwich MB has maintained a growth trajectory, registering a four-year (2020-2023) CAGR of 37.2% in total assets to N145.7 billion as of 30 June 2024.
The bank has a well-contained risk profile, evidenced by the zero non-performing loans (NPLs) since inception and a moderate credit loss ratio of 0.7% which was observed as of 30 June 2024.
Greenwich Merchant Bank’s funding and liquidity is largely supported by a stable funding structure that is 93% comprised of customer deposits as of 30 June 2024 and a liquid balance sheet.
Greenwich MB’s term deposits constituted c.68% of the customer deposits (reflecting the wholesale nature of the business) and translated to an elevated cost of funds of 10.5% in 2023 (2022: 8.5%) similar to other merchant banking peers.
Greenwich Merchant Bank operations cover Corporate Banking, Private Banking, Investment Banking, Asset & Wealth Management, Treasury & Global Markets and Securities Trading.
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