GBOLABO AFUWAPE
Nova Merchant Bank Limited (NOVA), a newly licensed merchant bank in Nigeria with a focus on wholesale and investment banking has grown its profit by 125 percent, turning in N1.15 billion in 2018 from N510.6 million recorded in 2017.
This result by NOVA, owned by Nigerian and foreign institutional investors who have distinguished themselves in financial services and the real sector over several decades, demonstrates the Bank’s growth trajectory which is expected to accelerate as it scales its business and grows its client base.
The result is achieved as it begins to reap the benefits of its investments in its operations, technology and people.
NOVA recorded strong growth not only in the bottom line but across all parameters. It recorded a 54.10 percent growth in gross earnings from N1.22billion in 2017 to N1.88billion.
The bank also flaunted its improvement further with its total assets that rose by 38.89 percent from N18billion to N25billion between 2017 and 2018.
This impressive performance marks a very successful year for the newly licensed merchant bank which recently deployed a state of the art and fully digital core banking application. The Bank also recorded remarkable growth in customer acquisition and in line with its objective to be the employer of choice, promoted about a third of its workforce.
Anya Duroha, the MD/CEO, commented “Our stellar results are a culmination of the hardwork, commitment, resilience, discipline and resourcefulness of all our employees. We have been able to drive strong customer acquisition and deploy leading edge technology whilst optimising our costs. We will continue to focus on growing our business, providing solutions tailored to our clients’ needs, building a high performance culture, motivating our employees and creating sustainable value for our shareholders”.
Remarking on the results, Phillips Oduoza, Chairman of NOVA Merchant Bank said “We have been able to build a strong foundation for the success of the Bank and approach the future with confidence and optimism in our business model, value proposition, clients and employees. We remain committed to the implementation of our over-arching philosophy of ‘New Thinking, New Opportunities’ to create value for all our stakeholders.”
The Bank will continue to strive to deliver profitable, responsible and sustainable growth. It remains dedicated to its core values of Uniqueness, Passion, Leadership, Integrity, Fairness and Teamwork (UPLIFT) as it believes these ethos will enable it to surpass the expectations of its clients and stakeholders.
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