{"id":71012,"date":"2023-04-18T09:34:15","date_gmt":"2023-04-18T08:34:15","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=71012"},"modified":"2023-04-18T09:34:15","modified_gmt":"2023-04-18T08:34:15","slug":"nova-merchant-bank-profit-rises-108-in-2022","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/nova-merchant-bank-profit-rises-108-in-2022\/","title":{"rendered":"NOVA Merchant Bank Profit Rises 108% In 2022"},"content":{"rendered":"
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An investment grade rated lender, NOVA Merchant Bank Limited, grew its profit before tax spiked by about 108% to N3.5 billion in the financial year 2022, according to the group audited statement<\/span><\/strong><\/h4>\n

At the group level, profit before tax grew by 98.2% to N3.34 billion, as both funded and non-funded income grew significantly on the back of innovative offerings and exceptional customer service.<\/p>\n

The Group continues to gain market share, a reflection of its steady penetration across key growth sectors, as reflected in the 30% growth in customer deposits.<\/p>\n

Asset quality remains exceptional, with a Non-Performing Loan ratio of 0.2%, underscoring the best-in-class governance and management discipline in creating quality assets and ensuring effective risk management.<\/p>\n

Gross earnings inched to N23.34 billion in 2022, representing more than 37% year-on-year growth when compared with N17.03 billion reported in the comparable year in 2021.<\/p>\n

NOVA\u2019s improved performance was supported by a 34.9% surge in fees and other income which printed at N6.70 billion, compared to N4.97 billion in 2021.<\/p>\n

The merchant banker grew annual profit to N3.21 billion, 102.90% above N1.58 billion reported in 2021. At the group level, profit after tax settled at N3.11 billion, compared to N1.61 billion in 2021, representing a 93.7% year-on-year growth.<\/p>\n

The bank said its cost of risk remains modest at 0.14%, reinforcing outstanding asset quality. On the balance sheet side, NOVA grew its total assets by 14.6% to N279.9 billion in 2022 from N244.2 billion as at 2021.<\/p>\n

In the period, its deposit collection surged to N152.01 billion; up 30.0% year-on-year from N116.9 billion seen in the financial year 2021.<\/p>\n

Shareholders\u2019 Funds settled higher at N26.77 billion, up 13.1% year on year; reflecting strong internal capital generation. Its audited statement showed that NOVA\u2019s capital adequacy ratio settled at 23.24% in 2022, a level that is two times (2x) minimum regulatory requirement, reinforcing the strength of the balance sheet and headroom for sustainable growth.<\/p>\n

Commenting on the results and broader achievements of the Group, the Chairman of the Board, Mr. Phillips Oduoza, said: \u201cIt\u2019s exciting that the Group continues to sustain its 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.<\/p>\n

\u201cI am particularly pleased with the sound governance practice and diligence of the Management in upholding the asset quality of the Bank, a feat which has become a benchmark in the industry. Notwithstanding the challenging economic environment, the Bank continues to demonstrate commitment to customers\u2019 financing objectives and supporting their overall business growth.<\/p>\n

\u201cIn reciprocal, we continue to gain a larger share of our customers\u2019 wallets and win new clients, as reflected in the 37% growth in gross earnings, buoyed by the stellar performance of both funded and non-funded income.<\/p>

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Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n

\u201cThe strength of our balance sheet, our exceptional service, bespoke financing solutions and new thinking are uncommon qualities that continue to distinguish our Bank.\u201d<\/p>\n

\u201cMore than ever, we are optimistic about the Nigerian economy and more importantly our business, as we continue to invest in sustainable strategies that ensure the resilience of our business to varying economic cycles.<\/p>\n

\u201cWe are dedicated to the success of our customers and would continue to support our HNI clients through their financial life cycle, including through our wealth management offerings and advisory services.<\/p>\n

\u201cWe would remain trusted partners to our corporate clients, supporting them through our tailored offerings that optimize their financial outcomes. It is our commitment to continuously lead new thinking and unlock new opportunities for the mutual prosperity of customers and our business.\u201d<\/p>\n

Also speaking on the results, the Managing Director\/Chief Executive Officer, Mr. Nath Ude, said; \u201cIn keeping to our pledge of supporting clients\u2019 growth, Nova Merchant Bank continues to create novel financing structures to meet dynamic needs of our customers across key growth sectors.<\/p>\n

\u201cThe strong capitalization and liquidity ratios reinforce our capacity to underwrite quality transactions, in addition to leveraging our expanded scope of offerings in delivering unique customer experience.<\/p>\n

\u201cI am pleased that the loyalty of our clients does not only spur our business growth; it also reinforces our earnings growth and sustainability. We achieved a 107.9% growth in profit before tax and recorded notable growth across all balance sheet lines, reflecting the success of our strategy and the execution capacity of our team.\u201d<\/p>\n

\u201cWe continue to invest in new technologies, including our robust digital platform, to create exceptional service experiences for our customers.<\/p>\n

\u201cNova Merchant Bank is a positive disruptor and would continue to lead innovation and investments in technology and risk management practices that revolutionize financial services in Nigeria, as we remain focused on unlocking new opportunities for our esteemed clients.<\/p>\n

\u201cWe would sustainably deliver exceptional service to our customers, as we create superior value for all stakeholders\u201d.<\/p>\n

NOVA Merchant Bank is an investment grade rated merchant bank in Nigeria that offers an integrated suite of financial solutions covering Financial Intermediation, Wholesale and Investment Banking, Treasury Services, Asset and Securities Management, Trade Services, Cash Management, Transaction and Digital Banking.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

Photo Caption:<\/div>\n
Nath-Ude-managing-director-chief-executive-officer<\/div>\n<\/p>","protected":false},"excerpt":{"rendered":"

An investment grade rated lender, NOVA Merchant Bank Limited, grew its profit before tax spiked by about 108% to N3.5 billion in the financial year 2022, according to the group audited statement<\/p>\n","protected":false},"author":6,"featured_media":71013,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,17],"tags":[5806],"coauthors":[2391],"class_list":["post-71012","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news","tag-nova-bank"],"yoast_head":"\nNOVA Merchant Bank Profit Rises 108% In 2022 - National Wire<\/title>\n<meta name=\"description\" content=\"An investment grade rated lender, NOVA Merchant Bank Limited, grew its profit before tax spiked by about 108% to N3.5\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/nova-merchant-bank-profit-rises-108-in-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NOVA Merchant Bank Profit Rises 108% In 2022 - 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