Categories: Business

NOVA Merchant Bank grows earnings by 25.7%, reflecting market share growth

Published by

3 years ago

From left, Independent Non-Executive Director, Malachy Nwaiwu; Executive Director, Funke Okoya; Managing Director/CEO, Nath Ude; newly appointed Independent Non-Executive Director, Funmi Oyetunji; Chairman, Phillips Oduoza; Independent Non-Executive Director, Gbemisola Laditan; Non-Executive Director, Chinedu Uzoho; and Executive Director, Emmanuel Onokpasa, at the 5th Annual General Meeting of NOVA Merchant Bank in Lagos on Friday.

NOVA Merchant Bank Limited has announced its audited full year 2021 financial results, showing an impressive 25.7 per cent year-on-year growth in gross earnings to N17.03b, as loans and advances to customers grew by 76.9 per cent year-on-year to N88.38b, a reflection of its growth trajectory since inception.

Reflecting its strong capital adequacy ratio and stable funding, the bank deepened its penetration, the growing market share of its risk assets and broader balance sheet. With a capital adequacy ratio of 29.1per cent ahead of the 10 per cent regulatory requirement for merchant banks, NOVA has strong headroom to sustain the impressive growth trajectory.

The bank recorded growth across most indices with deposits rising by 30.4 per cent to N116.91b for the year ended December 31, 2021, while profit after tax rose to N1.61b.

In keeping with its commitment to supporting clients’ growth strategies, Nova Merchant Bank Limited continues to leverage innovative offerings and structures in financing new businesses and expansion projects across various sectors of the Nigerian economy.

Addressing shareholders during its Annual General Meeting (AGM), Mr Phillips Oduoza, the Chairman, Board of Directors, said; “We are excited at the consistent growth of the bank, as reflected in the strong double-digit rise in deposits, loans and overall balance sheet. It is our mission to continue to create superior value for all stakeholders across the markets that we serve, as we seek to drive the next wave of revolution in financial services through product innovation and service excellence.

Commenting on the performance of the bank, the Chief Executive Officer, Mr Nath Ude, noted that “Our client-centric philosophy and innovative offerings are unique value propositions for clients. Across the different segments of the market, we are gaining market share, and deepening brand penetration. We are committed to supporting clients through various economic cycles, as we deploy creative solutions towards fulfilling our clients’ growth objectives.”

Continuing, Ude said, “We would continue to partner with credible businesses, as we create bespoke financing solutions that empower our clients to fulfil their quest to positively disrupt markets. Notwithstanding the global and domestic macroeconomic uncertainties, we are more than ever optimistic about the future of our business, and are thankful for our fast-growing clientele, whose loyalty remains a cardinal strength for us at NOVA.”

He explained that given the bank’s strong governance practice, robust risk management architecture and balance sheet capacity, Nova is primed to sustain its impressive growth in assets and earnings whilst also creating new opportunities for inclusive growth and development of the Nigerian economy.

ALSO READ FROM NIGERIAN TRIBUNE