Press Release - NOVA Bank Limited "Abridged Financial Statement 2019" - NOVA Bank

Lagos, Nigeria – March 2, 2020

NOVA Bank Limited -the ‘Bank’ – a full-service merchant bank releases its Audited 2019 Full Year  Financial Results, showing gross earnings of N5.87bn and Profit After Tax of N1.65bn.

On March 2, 2020, NOVA Bank Limited – a full-service merchant bank, released its audited 2019 Full Year Financial Results. 2019 saw another stellar performance by NOVA Bank as it records a PAT of  N1.65bn.

Download the full financial statement here.

Financial Highlights

Income Statement

• Gross Earnings: N5.87bn in 2019 compared to N2.76bn in 2018 (113% growth).
• Operating Expense: N1.95bn in 2019 compared to N1.42bn in 2018 (37% growth).
• Profit Before Tax: N1.5bn in 2019 compared to N0.96bn in 2018 (56% growth).
• Profit After Tax: N1.65bn in 2019 compared to N1.15bn in 2018 (44% growth).
• Cost to Income Ratio: 55% (YOY reduction of 8%).

Balance Sheet

• Total Assets: N63.8bn in 2019 compared to N25bn in 2018 (155% growth).
• Loans to customers: N29.3bn in 2019 compared to N2.4bn in 2018 (1121% growth).
• Customer Deposits: N40.5bn in 2019 compared to N6.4bn in 2018 (533% growth).
• Shareholders Funds: N19.5bn in 2019 compared to N17.6bn in 2018 (11% growth).

In his remarks, Managing Director, Mr. Anya Duroha stated: “Our full year 2019 performance resonates our resilience and commitment to excel and succeed despite being a fairly new Merchant Bank and macroeconomic headwinds that persisted in 2019.”

“Going into 2020 we will continue our resolve to be the best merchant bank in Nigeria as we will leverage our track record of trust, to deliver on operational efficiency through digital innovation while proffering customer centric solutions to our existing and new customers.”

In the same vein, speaking on the results, the Chairman, Mr Phillips Oduoza stated “I am particularly delighted that the key ratios are trending in the right direction, we are beginning to see the results of our distinct and impactful business model as exhibited in the strong figures across all key indices. A notable reference that we recorded 0% Non-Performing Loans in 2019”

“We are well equipped with the leading technology, structure and staff to leverage all opportunities the market presents to us while operating at the highest level of governance.”

“The year 2020 we believe our business will grow exponentially with the commencement of our capital market subsidiaries, deployment of innovative products to our customers leveraging our investments in digital channels, whilst reinforcing risk management and compliance. All of which is in line with our over- arching philosophy of ‘New Thinking, New Opportunities’ to deliver superior value to all our stakeholders.”

NOVA 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.