NOVA Merchant Bank Limited has posted a Profit After Tax (PAT) of N3.21 billion in its 2021 operations, against N1.58 billion recorded in the corresponding period in 2021.
The bank’s audited result for December 31, 2022 s, showed 102.9 per cent rise in profit from N1.58 billion in 2021 to N3.21 billion while customer deposits also rose from N116.9 billion to N152.01 billion.
The bank attributed the improved performance to its ability to deliver services to customers in a more innovative way.
Its total assets grew by 14.6 percent to close at N279.9 billion up from N244.2 billion achieved in the previous year while profit before tax rose significantly by 107.9 per cent to close the year at N3.50 billion.
The merchant bank also recorded a 37.01 per cent year-on-year growth in its gross earnings, rising to N17.03 billion in 2021, to close at N23.34 billion at the end of 2022, just as fees and other income rose by 34.9 per cent to N6.70 billion in 2022, up from N4.96 billion recorded in 2021.
The result also showed that asset quality remains exceptional, with a non-performing loan ratio of 0.2 percent, while the capital adequacy ratio stands at 23.24 percent, which represents over twice the minimum regulatory requirement, reinforcing the strength of the balance sheet and headroom for sustainable growth.
Group Chairman, Phillips Oduoza, said: “It is exciting that we continue to sustain this remarkable growth trajectory since inception, leveraging on innovative offerings and customer service excellence in deepening market penetration and continuously gaining market share across all segments of the business.
He said the bank would remain a trusted partner to its corporate clients, supporting them through tailored offerings that optimize their financial outcomes.
On plans for 2023, the managing director/chief executive officer, Nath Ude, said the loyalty of its clients does not only spur the bank’s business growth but also reinforces its earnings growth and sustainability.
Ude assured that the bank would continue to invest in new technologies, including a robust digital platform to create exceptional service experiences for customers.
“Nova Merchant Bank is a positive disruptor and would continue to lead innovation and investments in technology and risk management practices that revolutionize financial services in Nigeria, as we remain focused on unlocking new opportunities for our esteemed clients,” he stated.
