Lagos, Nigeria – 29 July 2022 – NOVA Merchant Bank Limited has 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 its growth trajectory since inception.
Reflecting its strong capital adequacy ratio and stable funding, the Bank deepened its penetration, the growing market share of its 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 recorded growth across most indices with deposits rising by 30.4% to N116.91b (2020: N89.63b) for the year ended December 31, 2021, while profit after tax rose to N1.61b.
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.
Addressing shareholders during its 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 rise 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.
Continuing, Ude said, “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 about the future of our business, and are thankful to our fast-growing clientele, whose loyalty remains a cardinal strength for us at NOVA.
He explained that given the bank’s strong governance practice, robust risk management architecture and balance sheet capacity, Nova is primed to sustain its impressive growth in assets and earnings whilst also creating new opportunities for inclusive growth and development of the Nigerian economy.
