NOVA Merchant Bank Limited has announced gross earnings of N23.34 billion in 2022, a growth of 37.01 percent over N17.03 billion grossed in the 2021 financial year.
The investment bank in its audited full-year 2022 financial results also posted N3.50billion profit before tax (PBT), indicating a 107.9 percent year-on-year growth while the Group recorded N3.34billion PBT, translating to 98.2 percent year-on-year growth as both funded and non-funded income grew significantly on the back of innovative offerings and exceptional customer service.
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.
Its 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.
Other highlights of the 2022 financials show a 34.9 per cent rise to N6.70 billion in Fees and Other Income from N4.97 billion recorded in 2021while the Bank’s Profit After Tax (PAT) grew to N3.21 billion, compared to N1.58 billion in 2021 and the Group’s PAT moved to N3.11 billion from N1.61 billion in 2021 indicating a 93.7 percent Year on Year growth.
The Cost of risk remains modest at 0.14 percent, reinforcing outstanding asset quality while its Total assets moved up to N279.9 billion from N244.2 billion as of 2021.
The bank has garnered N152.01 billion deposit, recording a strong 30.0 percent year-on-year growth from N116.9 billion in 2021 while its
Shareholders’ Funds recorded 13.1 year-on-year growth as it moved up to N26.77 billion, reflecting strong internal capital generation.
At the end 2022 financial year, the bank’s Capital adequacy ratio stands at 23.24 per cent, twice the minimum regulatory requirement, reinforcing the strength of the balance sheet and headroom for sustainable growth.
The Group Chairman, Phillips Oduoza described the 2022 report as exciting, noting that the Group continues to sustain its remarkable growth trajectory since inception, leveraging on innovative offerings and customer service excellence in deepening market penetration and continuously gaining 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 which has become a benchmark in the industry. Notwithstanding the challenging economic environment, the Bank continues to demonstrate commitment to customers’ financing objectives and supporting 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 per cent growth in gross earnings, buoyed by the stellar performance of 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 about the Nigerian economy and more importantly 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 would 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.”
Also speaking on the results, the Managing Director, Nath Ude, said Nova Merchant Bank continues to create novel financing structures to meet the dynamic needs of our customers across key growth sectors to keep to its pledge of supporting clients’ growth.
“The strong capitalization and liquidity ratios reinforce our capacity to underwrite quality transactions, in addition to leveraging our expanded scope of offerings in delivering unique customer experience. I am pleased that the loyalty of our clients not only spurs our business growth; it also reinforces our earnings growth and sustainability. We achieved a 107.9 percent growth in profit before tax. We 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 exceptional service experiences for our customers. Nova Merchant Bank is a positive disruptor and would 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.
Nova Merchant Bank
offers an integrated suite of financial solutions covering Financial Intermediation, Wholesale and Investment Banking, Treasury Services, Asset and Securities Management, Trade Services, Cash Management, Transaction, and Digital Banking.
Renowned for its innovative offerings and digital platforms, Nova leads the industry with new thinking, creating new opportunities for its fast-growing clientele, as it continuously gains market share across all segments of the industry,
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