NOVA Posts N1.15bn Profit


NOVA Merchant Bank Limited has declared a profit after tax of N1.15 billion for the year ended 31st of December 2018.

This represented a significant increase by 125 per cent, compared with the N510.6 million it achieved in 2017.

The bank disclosed that it has started reaping the benefits of the investments in its operations, technology and people.

A statement from the merchant bank noted that the impressive result demonstrated its growth trajectory which was expected to accelerate as it scales its business and grows its client base.

In addition, the bank recorded a 54.10 per cent growth in gross earnings from N1.22 billion in 2017, to N1.88 billion in the year under review.

The bank further grew its total assets by 38.89 per cent, from N18 billion to N25 billion between 2017 and 2018.

“This impressive performance marks a very successful year for the newly licensed merchant bank which recently deployed a state of the art and fully digital core banking application.

“The bank also recorded remarkable growth in customer acquisition and in line with its objective to be the employer of choice, promoted about a third of its workforce,” the statement added.

The Chairman of Nova Merchant Bank, Mr. Phillips Oduoza said: “We have been able to build a strong foundation for the success of the bank and approach the future with confidence and optimism in our business model, value proposition, clients and employees.

“We remain committed to the implementation of our over-arching philosophy of ‘New Thinking, New Opportunities’ to create value for all our stakeholders.

“The bank will continue to strive to deliver profitable, responsible and sustainable growth. It remains dedicated to its core values of Uniqueness, Passion, Leadership, Integrity, Fairness and Teamwork (UPLIFT) as it believes these ethos will enable it to surpass the expectations of its clients and stakeholders.”

Also commenting on the feat, the MD/CEO, Anya Duroha said: “Our stellar results are a culmination of the hard work, commitment, resilience, discipline and resourcefulness of all our employees. “We have been able to drive strong customer acquisition and deploy leading edge technology whilst optimising our costs.

“We will continue to focus on growing our business, providing solutions tailored to our clients’ needs, building a high performance culture, motivating our employees and creating sustainable value for our shareholders”.