NOVA Bank Doubles Earnings, Reflecting Exceptional Service, Innovative Offerings - NOVA Bank

NOVA Bank Limited has announced its audited results for the full year ended December 31, 2022, showing outstanding performance and significant growth across all its indicators 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 per cent growth in customer deposits; which rose from N116.9bn at the end of 2021, to close the year 2022 at N152.01bn.

Total assets grew by 14.6% to close 2022 at N279.9bn up from N244.2bn recorded the previous year; while profit before tax rose significantly by 107.9 per cent to close the year 2022 at N3.50bn. Profit after tax also recorded a similar feat, as it jumped from N1.58bn in 2021 to N3.21bn in the year under consideration, representing an impressive leap by 102.9%.

The merchant bank also recorded a 37.01 per cent year-on-year growth in its gross earnings, rising from N17.03bn in 2021, to close at N23.34bn at the end of 2022, just as fees and other income rose by 34.9 per cent to N6.70bn in 2022, up from N4.96bn recorded the year before.

The result also showed that asset quality remains exceptional, with Non-Performing Loan ratio of 0.2%, underscoring the best-in-class governance and management discipline in creating quality assets and ensuring effective risk management, while Capital adequacy ratio stands at 23.24%, which represents over twice the minimum regulatory requirement, reinforcing the strength of the balance sheet and headroom for sustainable growth.

Commenting on the results and broader achievements of the Group, the Chairman of the Board, Mr. Phillips Oduoza, said: “It is exciting that we continue to sustain this 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.

Furthermore, he said, “We are dedicated to the success of our customers and would continue to support our HNI clients through their financial life cycle, as well as 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.”

Speaking on some of the Group’s plans for 2023, the Managing Director/Chief Executive Officer, Mr. Nath Ude, said; “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 will continue to invest in new technologies, including our robust digital platform, to create exceptional service experience 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,” he stated.

NOVA Bank Limited is an investment grade rated merchant bank in Nigeria that offers an integrated suite of financial solutions covering Financial Intermediation, Wholesale and Investment Banking, Asset and Securities Management, Trade Services, Cash Management, Transaction and Digital Banking.