Nova Merchant Bank Grows 2020 Profit By 112%
Nova Merchant Bank has made an impressive showing for 2020, increasing ts profit by 112 percent to record N3.49bn profit.
According to its audited results for the financial report for the year ended December 31st 2020, the Bank recorded an impressive growth across its major financial lines.
Nova Merchant Bank profit for 2019 was N1.65 billion.
All the key financial parameters recorded major improvement over the prior year performance; Gross Earnings showed a quantum leap of 130 percent growth over 2019 and Profit Before Tax at N3.52bn recorded a 135 percent growth over the 2019 figure of N1.5bn.
Similarly, Nova Merchant Bank recorded a decline in the Cost to Income Ratio from 55 percent in 2019 to 44 percent in 2020.
Customer deposits surged by 121.2 percent to stand at N89.6bn in 2020 compared to N40.5bn in 2019 while loans to customers grew by 71 percent to N50bn in 2020 compared to N29.3bn in 2019.
Speaking on the result, the Managing Director and Chief Executive Officer, Mr Nath Ude, lauded the bank’s effort in churning out the performance.
He said, “Our full year 2020 performance is especially gratifying as we achieved such growth amidst the unprecedented nature of the COVID-19 pandemic and resulting macro-economic headwinds.”
“In 2021, we will continue to build on our strong foundation to significantly scale the business by focussing on exceeding the expectations of our customers through innovative financial solutions while expecting our non-bank subsidiaries to start contributing effectively to the group in line with our strategic intent” Ude further stated.
Also speaking, the Chairman, Phillips Oduoza noted that the financial institution was well positioned to reap firm the boom expected from post-COVID-19 economy.
“I am particularly delighted to see how the Bank has maintained its growth trajectory and improve its efficiency during such a challenging period. Oduoza added “The Bank is well positioned to benefit from the expected upsurge in economic activity and profit from the emerging opportunities this presents as the global economy emerges from the impact of the COVID-19 crisis.”
NOVA Merchant Bank offers an integrated suite of financial solutions covering Wholesale Banking, Investment Banking, Asset Management, Wealth Management, Trade Services, Transaction Banking, Cash Management and Digital Banking.
Nova Merchant Bank Limited is a licensed merchant bank in Nigeria with a focus on Wholesale Banking, Investment Banking, Advisory Services, Securities & Trading, Wealth Management & Asset Management.
Its owned by Nigerian and foreign Institutional investors who have distinguished themselves in area of financial Services and the real sector over several decades.
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