NOVA Merchant Bank Limited has released its audited results for the financial year ended December 31st, 2019, recording impressive performances across its major financial lines.
Specifically, the bank declared a profit after tax of N1.65 billion for the 2019 financial year representing an impressive 44 per cent growth compared to N1.15 billion recorded at the end of the 2018 financial year.
The result showed that the bank achieved strong growth across all parameters as it recorded a remarkable 113 per cent 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 per cent rise from N0.96 billion the year before, even as total assets grew by 155 per cent 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 per cent; while Shareholders Funds increased by 11 per cent 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 per cent.
The company’s 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.
Chairman, Phillips Oduoza stated, “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.”
