NOVA Bank Grew Earnings By 25.7% YOY, Reflecting Growth in Market Share - NOVA Bank

NOVA Bank Grew Earnings By 25.7% YOY, Reflecting Growth in Market Share

Nova Merchant Bank Limited (“NOVA or “the Bank”), announced its Audited Full Year 2021 financial results, showing an impressive 25.7% year-on-year growth in gross earnings to N17.03b (2020: N13.55b), as loans and advances to customers grew by 76.9% year-on-year to N88.38b (2020: N49.97b), a reflection of the growth trajectory since inception.

In keeping to its commitment of supporting clients’ growth strategy, 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. Reflecting its strong capital adequacy ratio and stable funding, the Bank deepened its penetration, growing market share of risk assets and broader balance sheet. With capital adequacy ratio of 29.1% ahead of 10% regulatory requirement for merchant banks, Nova has strong headroom to sustain the impressive growth trajectory. The Bank demonstrated growth across most indices with deposits growing by 30.4% to N116.91b (2020: N89.63b) for the year ended December 31, 2021, while it reported a profit after tax (PAT) of N1.61b.

Addressing shareholders at the 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 growth 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; “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. We would continue to partner credible businesses, as we create bespoke financing solutions that empower our clients to fulfill their quest to positively disrupt markets. Notwithstanding the global and domestic macroeconomic uncertainties, we are more than ever optimistic on the future of our business, and are thankful to our fast-growing clientele, whose loyalty remains a cardinal strength for us at Nova. Given our strong governance practice, robust risk management architecture and balance sheet capacity, we are primed to sustain our impressive growth in assets and earnings whilst also creating new opportunities for inclusive growth and development of the Nigerian economy.”

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