NOVA Merchant Bank declares N1.65bn profit after tax

NOVA Merchant Bank says it recorded a profit after tax of N1.65 billion for the financial year that ended on December 31, 2019.

Figures released by the bank showed that the PAT is 44% higher than the N1.15 billion recorded in the 2018 financial year.

Gross earnings was reported to have grown from N2.76 billion in 2018 to N5.87 billion while total assets grew by 155% from N25 billion to N63.8 billion.

“In the same vein, customer deposits stood at N40.5 billion in 2019, compared to N6.4 billion in 2018 representing a rise by 533%; while shareholders funds increased by 11% to N19.5 billion in 2019 compared to N17.6 billion in 2018,” the bank said.

“Loans to customers closed the 2019 financial year at N29.3 billion up from N2.4 billion in 2018 representing a significant rise by 1121%.”

Commenting on the results, Anya Duroha, the bank’s chief executive officer, said the young bank’s motivation to be the best merchant bank remains a key driving force

“Our full-year 2019 performance resonates our resilience and commitment to excel and succeed despite being a fairly new Merchant Bank and macroeconomic headwinds that persisted in 2019,” he said.

“Going into 2020 we will continue our resolve to be the best merchant bank in Nigeria as we will leverage our track record of trust, to deliver on operational efficiency through digital innovation while proffering customer-centric solutions to our existing and new customers.”

Phillips Oduoza (pictured), the bank’s chairman, said: “I am particularly delighted that the key ratios are trending in the right direction, we are beginning to see the results of our distinct and impactful business model as exhibited in the strong figures across all key indices. A notable reference that we recorded 0% non-performing loans in 2019.

“We are well equipped with the leading technology, structure and staff to leverage all opportunities the market presents to us while operating at the highest level of governance.”

NOVA Merchant Bank offers services like wholesale banking, investment banking, asset management, wealth management, trade services, transaction banking, cash management and digital banking.