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HomeCompany NewsNova Merchant Bank profit rises 108% to N3.5 bln for 2022 FY

Nova Merchant Bank profit rises 108% to N3.5 bln for 2022 FY

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NOVA Merchant Bank Limited announced its audited full-year 2022 financial results, showing an outstanding 107.9 percent year-on-year growth in profit before tax while the group year-on-year profit before tax rose 98.2 percent.

A statement on Monday showed that both funded and non-funded income grew significantly on the back of innovative offerings and exceptional customer service.

The bank, in a statement, said its gross earnings rose by 37.01 percent to N23.34 billion, compared to N17.03 billion in the previous year.

Also, the bank posted a Profit Before Tax (PBT) of N3.50 billion, translating to 107.9 percent year-on-year growth, while Profit After Tax (PAT) for the bank rose 102.9 percent to N3.21 billion.

Total assets climbed to N279,9 billion, compared to N244,2 billion in the previous year.

The lender also grew its deposit by 30 percent strong to N152.01 billion N116.9 billion.

Shareholders’ Funds stood at N26.77 billion, up 13.1 percent year on year, reflecting strong internal capital generation.

Nova Merchant Bank board chairman, Phillips Oduoza
Nova Merchant Bank board chairman, Phillips Oduoza

Notably, the Group continues to gain market share, a reflection of its steady penetration across key growth sectors, as reflected in the 30 percent growth in customer deposits.

Asset quality remains exceptional, with a non-performing loan ratio of 0.2 percent, underscoring the best-in-class governance and management discipline in creating quality assets and ensuring effective risk management.

Commenting on the results and broader achievements of the Group, the Chairman of the Board, Phillips Oduoza, noted: “It’s exciting that the Group continues to sustain its remarkable growth trajectory since inception, leveraging on innovative offerings and customer service excellence to deepen market penetration and continuously gain market share across all segments of the business.

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“I am particularly pleased with the sound governance practice and diligence of the management in upholding the asset quality of the bank, a feat that has become a benchmark in the industry.

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

“In reciprocal, we continue to gain a larger share of our customers’ wallets and win new clients, as reflected in the 37 percent growth in gross earnings, buoyed by stellar performance in both funded and non-funded income.

“The strength of our balance sheet, our exceptional service, bespoke financing solutions, and new thinking are uncommon qualities that continue to distinguish our bank.”

“More than ever, we are optimistic on the Nigerian economy and, more importantly, on our business, as we continue to invest in sustainable strategies that ensure the resilience of our business to varying economic cycles.

“We are dedicated to the success of our customers and will continue to support our HNI clients through their financial life cycle, including through our wealth management offerings and advisory services.

“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,” the chairman stated.

On his part, the Managing Director and Chief Executive Officer, Nath Ude, said, “In keeping with our pledge of supporting clients’ growth, Nova Merchant Bank continues to create novel financing structures to meet the 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 to deliver a unique customer experience.

“I am pleased that the loyalty of our clients does not only spur our business growth; it also reinforces our earnings growth and sustainability. We achieved a 107.9 percent 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.”

“We continue to invest in new technologies, including our robust digital platform, to create an exceptional service experience for our customers. Nova Merchant Bank is a positive disruptor and will 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.

“We would sustainably deliver exceptional service to our customers as we create superior value for all stakeholders.

(omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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