NOVA Merchant Bank Ltd has released its audited results for the financial year ended December 31, 2019, with profit after tax of N1.65 billion.
The feat represents a 44% growth compared to N1.15 billion recorded at the end of the 2018 financial year.
The result showed that the bank achieved growth across all parameters as it recorded a 113% growth in gross earnings from N2.76 billion in 2018 to N5.87 billion in the year under consideration, while profit before tax closed at N1.5 billion, representing a 56% rise from N0.96 billion the year before, even as total assets grew by 155% from N25 billion to N63.8 billion in the year under consideration.
In the same vein, customer deposits stood at N40.5 billion in 2019, compared to N6.4 billion in 2018 representing a rise by 533%; while shareholders’ funds increased by 11% to N19.5 billion in 2019 compared to N17.6 billion in 2018. Loans to customers closed the 2019 financial year at N29.3 billion up from N2.4 billion in 2018 representing a significant rise by 1121%.
Market watchers are of the opinion that this increase shows that the bank is beginning to reap the benefits of its investments in its operations, technology and people. This also demonstrates the bank’s growth trajectory which is expected to accelerate as it continues to scale its business and grow its client base.
Managing Director and Chief Executive Officer, NOVA Merchant Bank, Anya Duroha, who commented on the result, said that as a young bank, the motivation to be the best merchant bank remains a key driving force that made the bank churn out products and services to satisfy and meet the needs of its growing client base.
He said: “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.”
The bank’s chairman, Phillips Oduoza, said: “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.”
Mr Oduoza added: “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 overarching philosophy of ‘New Thinking, New Opportunities’ to deliver superior value to all our stakeholders.”
