We’ll focus on expansion, says Nova Merchant Bank chairman after N1.15bn profit

Phillips Oduoza, chief executive officer of NOVA Merchant Bank, says the bank will focus on expansion in 2019.

He made this known in a statement released by the bank announcing its N1.15 billion profit after tax for the year ended December 31, 2018.

Oduoza said the N510.6 million increase from 2017 result was the benefit of the bank’s investment in its operations, technology and people.

“We have been able to build a strong foundation for the success of the Bank and approach the future with confidence and optimism in our business model, value proposition, clients and employees,” he said.

The newly licensed bank said it recorded a 54.10% growth in gross earnings from N1.22 billion in 2017 to N1.88 billion, while total assets grew by from N18 billion to N25 billion.

Commenting on the result, Anya Duroha, the managing director said: “Our stellar results are a culmination of the hardwork, commitment, resilience, discipline and resourcefulness of all our employees.

“We have been able to drive strong customer acquisition and deploy leading edge technology whilst optimising our costs.

“We will continue to focus on growing our business, providing solutions tailored to our clients’ needs, building a high performance culture, motivating our employees and creating sustainable value for our shareholders.”