NOVA Merchant Bank Limited Declares N1.15bn in PAT, Continues to Focus on Scaling Its Business

Proshare

Wednesday, March 13, 2019  09:50 AM / NOVA Merchant Bank Ltd

 

NOVA Merchant Bank Limited declared a profit after tax of N1.15bn for the year ended 31st of December 2018, an increase from N510.6m in 2017, as it begins to reap the benefits of its investments in its operations, technology and people. This impressive result demonstrates the Bank’s growth trajectory which is expected to accelerate as it scales its business and grows its client base.

 

It achieved strong growth across all parameters. The Bank recorded a 54.10% growth in gross earnings from N1.22bn in 2017 to N1.88bn, grew profit after tax by 125% while total assets grew by 38.89% from N18bn to N25bn 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.



Proshare Nigeria Pvt. Ltd.



Related News on NOVA Merchant Bank Ltd

1.       NOVA Merchant Bank Promotes staff - THISDAYLIVE

2.       NOVA Merchant Bank gets new Managing Director

3.       NOVA Merchant Bank Commence Operations with New Ideas, Fresh ...


Related News on Banks

1.       Nigerian Banks' Rising Local Currency Issuance Is Credit Positive - Fitch

2.      Coronation Merchant Bank Group records 46% growth in Non-Interest Earnings for 2018 FY

3.      STANBIC Declares N74.4bn PAT in 2018 Audited Result; Proposes N1.50K Final Dividend

4.      GUARANTY Declares N184.64bn PAT in 2018 Audited Results; Proposes N2.45k Final Dividend

5.      Zenith Bank Declares N193.15bn in 2018 Audited Results; Proposes N2.50k Final Dividend

6.      Nigerian Banks’ Performance – H1 2018

7.      AMCON and Financial Services Debt Burden in Nigeria

8.     Lifting The Veil off The Financial Sector

9.      IFRS 9 No Threat to Nigeria Banks'' Regulatory Capital – Fitch

10.  Asset Quality Replacing Foreign Currency Liquidity as Main Risk for Nigerian Banks - Fitch


Proshare Nigeria Pvt. Ltd.

Proshare Nigeria Pvt. Ltd.
READ MORE:
Related News
SCROLL TO TOP