In furtherance of its plans to scale its operation this year, NOVA Merchant Bank Limited, in yet another milestone, recently received an investment grade rating from both Agusto & Co (Bbb) and the Global Credit Ratings (BBB-).
The reasons given for the bank’s rating included the strength of its board and management team, robust capitalisation, prudent risk profile, good asset quality and strong liquidity.
The achievement, according to a statement, followed the recent publication of the bank’s financial results where it declared a profit after tax of N1.15 billion for the year ended 31st of December 2018, an increase from N510.6 million in 2017.
Commenting on the investment grade rating, the Managing Director/CEO of the bank, Anya Duroha said: “The award of investment grade ratings by two leading rating agencies is another significant milestone in the history of the bank.
“It further assists us in our plans to scale up our operations this year and deliver value to our customers and all other stakeholders”.
The Chairman of NOVA Merchant Bank, Mr. Phillips Oduoza, noted: “These ratings are further validation of the strength of the foundation which has been laid for the continued future success of the bank.
“On behalf of the board, I will like to commend the management team for all their effort in achieving this milestone debut rating record.”
He assured stakeholders that NOVA Merchant Bank would continue to focus on delivering on its overarching philosophy of “New Thinking, New Opportunities” to sustainably grow its business.