NOVA Bank Declares 211% Growth in PBT to N11.43bn

Kayode Tokede 

NOVA Bank has released its audited financial statements for the full year ended December 31, 2024, with N11.43 billion profit before tax, about 211 per cent increase over N3.67billion declared in 2023.

The 2024FY showcased exceptional performance across key financial metrics, underpinned by strong operational efficiency, prudent risk management, and continued market expansion.

At the bank level, it announced N11.39 billion in 2024, representing about 215 per cent growth from N3.62 billion in 2023.

This strong earnings trajectory is further reflected in the Group’s profit after tax, which increased to N8.23 billion in 2024, up by 172 per cent when compared to N3.03 billion in 2023.

Also from the profit and loss figures, the bank itself recorded N8.03 billion net profit in the year under review, a growth of 169 per cent from N2.98 billion in the preceding year.

The bank’s net interest income more than tripled, posting N6.02 billion in 2024, a significant increase of 233per cent  compared to N1.81 billion in 2024. Similarly, net fee and commission income reached N3.59 billion in 2024, up by 89 per cent from N1.90 billion in 2023.

These gains underline NOVA’s success in diversifying revenue streams while deepening client engagement.

Investment securities increased from N59.61 billion in 2023 to N66.06 billion in 2024, about 11 per cent, reflecting the bank’s strategic asset allocation and strengthened investment portfolio. In a display of strong asset quality, impairment charges on credit losses decreased by 72 per cent, from N417.6 million in 2023 to N118.1 million in 2024, reinforcing the robustness of the Bank’s risk framework.

From the balance sheet position, NOVA Bank announced a total asset of N373.5 billion, a year-on-year increase of 14 per cent from N327.4 billion in 2023. This asset growth was driven by increased customer activity, strategic investments, and effective balance sheet management.

NOVA Bank’s shareholders’ equity closed 2024 FY at N40.8 billion (31 per cent increase), reflecting improved retained earnings and a stronger capital base. Share capital increased from N16 billion to N26 billion, further enhancing the bank’s capital adequacy and growth capacity by 63 per cent.

Commenting on 2024FY performance, the Chairman, NOVA Ban, Mr. Phillips Oduoza in a statement said, “We are proud of the disciplined execution and growth trajectory the Bank has maintained since inception.

“NOVA has successfully scaled its operations, diversified its income base, and deepened its customer relationships across corporate, commercial, and retail banking segments. Our latest results reinforce our long-term strategy of sustainable and inclusive banking.”

Also, the Acting Managing Director/CEO. Mrs. Chinwe Iloghalu in a statement said, “These results affirm our commitment to sustainable growth and delivering long-term value to all stakeholders. 

“We have consistently executed on our strategy to expand responsibly, innovate digitally, and maintain strong asset quality. As we have transitioned into a commercial bank, we are confident in our ability to scale impact across both retail and corporate segments.”

On the bank’s branch expansion, she said, “We are on course to establish new branches in select high-impact locations this year. In line with our phygital strategy. These branches are not just about physical infrastructure, they are designed to be hubs of innovation and customer engagement.”

Building on its transformation from a merchant bank into a full-service commercial bank, NOVA has deepened its market penetration through a strategic blend of digital scale and physical presence. The bank recently inaugurated a new phygital branch in Ikeja, Lagos, reaffirming its commitment to delivering technology-enabled financial services with a human touch.

The bank’s performance cements its position as one of Nigeria’s most dynamic financial institutions, combining growth, governance, and innovation to serve as a strong partner for businesses and individuals across the country.