NOVA Merchant Bank Limited has announced its audited results for the full year ended December 31, 2022, showing exceptional performance and significant growth across all indicators. The bank’s success can be attributed to its innovative offerings and outstanding customer service.
The bank experienced a 30% increase in customer deposits, reaching N152.01bn by the end of 2022, reflecting its expanding market share in key growth sectors. Total assets grew by 14.6% to N279.9bn, and profit before tax rose significantly by 107.9% to N3.50bn. Profit after tax also surged by 102.9%, reaching N3.21bn.
Furthermore, NOVA Merchant Bank recorded a 37.01% year-on-year growth in gross earnings, totaling N23.34bn in 2022. Fees and other income also saw a significant rise of 34.9% to N6.70bn.
The bank maintains exceptional asset quality, with a Non-Performing Loan ratio of 0.2%, highlighting its strong governance and risk management practices. The Capital Adequacy Ratio stands at 23.24%, well above the regulatory requirement.
The Chairman of the Board, Mr. Phillips Oduoza, expressed his excitement over the sustained growth and market penetration achieved by the bank through innovative offerings and customer service excellence. The bank remains committed to supporting its clients’ financial needs and delivering tailored solutions for corporate clients.
Looking ahead to 2023, the Managing Director/CEO, Mr. Nath Ude, emphasized the bank’s focus on investing in new technologies to enhance customer service. NOVA Merchant Bank aims to lead innovation and revolutionize financial services in Nigeria while unlocking new opportunities for its clients.
NOVA Merchant Bank Limited is an investment grade-rated merchant bank in Nigeria that offers a comprehensive range of financial solutions, including Financial Intermediation, Wholesale and Investment Banking, Asset and Securities Management, Trade Services, Cash Management, Transaction, and Digital Banking.
