NOVA Merchant Bank Posts 107.9% Growth In Pre-tax Profit For 2022

NOVA Merchant Bank Limited, has posted 107.9 per cent year-on-year growth in profit before tax for the year ended December 31, 2022.

The Bank in its audited full year 2022 financial results showed profit before tax of N3.50 billion, translating to 107.9 per cent year-on-year growth, while net profit stood at N3.21 billion, compared to N1.58 billion in 2021 full year, 102.9 per cent YoY growth.

Gross earnings grew by 37.01 per cent to N23.34 billion, compared to N17.03 billion in 2021. Total assets stood at N279.9 billion, compared to N244.2 billion as at 2021, a growth of 14.6 per cent.

Deposit up by 30 per cent to N152.01 billion from N116.9 billion. Also, shareholders’ funds hit N26.77 billion, up 13.1 per cent YoY growth; reflecting strong internal capital generation.

Capital adequacy ratio stood at 23.24%, 2x minimum regulatory requirement, reinforcing the strength of the balance sheet and headroom for sustainable growth.

Speaking on the results, the chairman of the Board, Mr. Phillips Oduoza said, “it is exciting that the Group continues to sustain its 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.

“Notwithstanding the challenging economic environment, the Bank continues to demonstrate commitment to customers’ financing objectives and supporting their overall business growth.”

He stated that “we would remain trusted partners to our corporate clients, supporting them through our tailored offerings that optimize their financial outcomes. It is our commitment to continuously lead new thinking and unlock new opportunities for the mutual prosperity of customers and our business.”

Also speaking on the results, the managing director/chief executive officer, NOVA Merchant Bank, Mr. Nath Ude, said, “in keeping to our pledge of supporting clients’ growth, Nova Merchant Bank continues to create novel financing structures to meet dynamic needs of our customers across key growth sectors.

“The strong capitalization and liquidity ratios reinforce our capacity to underwrite quality transactions, in addition to leveraging our expanded scope of offerings in delivering unique customer experience.

“We achieved a 107.9 per cent growth in profit before tax and recorded notable growth across all balance sheet lines, reflecting the success of our strategy and the execution capacity of our team.”

Ude added that “we continue to invest in new technologies, including our robust digital platform, to create exceptional service experience for our customers.”

NOVA Merchant Bank is an investment grade rated merchant bank in Nigeria that offers an integrated suite of financial solutions covering Financial Intermediation, Wholesale and Investment Banking, Treasury Services, Asset and Securities Management, Trade Services, Cash Management, Transaction and Digital Banking.