Nova Merchant Bank full year profit rises to N3.21bn

NOVA Merchant Bank Limited has recorded positive growth at the end 2022 financial year, posting a Profit After Tax (PAT) of N3.21 billion.

The bank’s audited result for December 31, 2022 showed a 102.9 per cent rise in profit when compared with N1.58 billion achieved in the preceding year

Customer deposits also rose from N116.9 billion to N152.01 billion.

The bank said that the improved performance was due to its ability to deliver services to customers in a more innovative way.

The total assets also grew by 14.6 percent to close at N279.9 billion up from N244.2 billion achieved in the previous year while profit before tax rose significantly by 107.9 per cent to close the year at N3.50 billion.

The merchant bank also recorded a 37.01 per cent year-on year growth in its gross earnings, rising to N17.03 billion in 2021, to close at N23.34 billion at the end of 2022, just as fees and other income rose by 34.9 per cent to N6.70 billion in 2022, up from N4.96 billion recorded in 2021.

The result also showed that asset quality remains exceptional, with non-performing loan ratio of 0.2 per cent, while capital adequacy ratio stands at 23.24 per cent, which represents over twice the minimum regulatory requirement, reinforcing the strength of the balance sheet and headroom for sustainable growth.

Group Chairman of the company, Phillips Oduoza, said: “It is exciting that we continue to sustain this remarkable growth trajectory since inception, leveraging on innovative offerings and customer service excellence in deepening market penetration and continuously gaining market share across all segments of the business.