NOVA Merchant Bank Grows Earnings By 25.7% In One Year

NOVA Merchant Bank Limited has announced its Audited Full Year 2021 financial results, showing an impressive 25.7 per cent year-on-year growth in gross earnings to N17.03b as against N13.55billion reported in 2020.

The bank, also, grew its loans and advances to customers by 76.9 per cent year-on-year to N88.38billion, compared to N49.97billion recorded in the preceding, reflecting its growth trajectory since inception.

Reflecting its strong capital adequacy ratio and stable funding, the Bank deepened its penetration, the growing market share of its risk assets and broader balance sheet. With a capital adequacy ratio of 29.1 per cent ahead of the 10 per cent regulatory requirement for merchant banks, NOVA has strong headroom to sustain the impressive growth trajectory.

The Bank recorded growth across most indices with deposits rising by 30.4 per cent to N116.91billion (2020: N89.63b) for the year ended December 31, 2021, while profit after tax rose to N1.61b.

In keeping with its commitment to supporting clients’ growth strategies, Nova Merchant Bank Limited continues to leverage innovative offerings and structures in financing new businesses and expansion projects across various sectors of the Nigerian economy.

Addressing shareholders during its Annual General Meeting (AGM), Mr Phillips Oduoza, the Chairman, Board of Directors, said; “We are excited at the consistent growth of the Bank, as reflected in the strong double-digit rise in deposits, loans and overall balance sheet

Commenting on the performance of the Bank, the Chief Executive Officer, Mr Nath Ude, noted; “Our client-centric philosophy and innovative offerings are unique value propositions for clients. Across the different segments of the market, we are gaining market share, and deepening brand penetration.

“We are committed to supporting clients through various economic cycles, as we deploy creative solutions towards fulfilling our client’s growth objectives.

“We would continue to partner with credible businesses, as we create bespoke financing solutions that empower our clients to fulfil their quest to positively disrupt markets. Notwithstanding the global and domestic macroeconomic uncertainties, we are more than ever optimistic about the future of our business, and are thankful for our fast-growing clientele, whose loyalty remains a cardinal strength for us at NOVA”, he said.