NOVA merchant bank reports 107.9% increase in PBT
NOVA Merchant Bank Limited has announced its audited results for the full year ended December 31, 2022, showing 108 per cent increase in profit before tax to N3.50billion.
Profit after tax also recorded a similar feat, as it jumped from N1.58billion in 2021 to N3.21billion in the year under consideration, representing an impressive leap by 102.9per cent.
The merchant bank announced an outstanding performance and significant growth across all its indicators on the back of innovative offerings and exceptional customer service.
Notably, the Group continues to gain market share, a reflection of its steady penetration across key growth sectors, as reflected in the 30 per cent growth in customer deposits; which rose from N116.9billion at the end of 2021, to close 2022 at N152.01billion.
Total assets grew by 14.6per cent to close 2022 at N279.9billion up from N244.2billion recorded the previous year.
The merchant bank also recorded a 37.01 per cent year-on year growth in its gross earnings, rising to N17.03billion in 2021, to close at N23.34billion at the end of 2022, just as fees and other income rose by 34.9 per cent to N6.70billion in 2022, up from N4.96billion recorded the year before.
The result also showed that asset quality remains exceptional, with Non-Performing Loan ratio of 0.2per cent, underscoring the best-in-class governance and management discipline in creating quality assets and ensuring effective risk management, while Capital adequacy ratio stands at 23.24per cent, which represents over twice the minimum regulatory requirement, reinforcing the strength of the balance sheet and headroom for sustainable growth.
Commenting on the results and broader achievements of the Group, the Chairman of the Board, Mr. Phillips Oduoza, in a statement said: “It is exciting that we continue to sustain this 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.
“We are dedicated to the success of our customers and would continue to support our HNI clients through their financial life cycle, as well as through our wealth management offerings and advisory services.
“We 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.”
Speaking on some of the Group’s plans for 2023, the Managing Director/Chief Executive Officer, Mr. Nath Ude, said: “I am pleased that the loyalty of our clients does not only spur our business growth; it also reinforces our earnings growth and sustainability.
“We will continue to invest in new technologies, including our robust digital platform, to create exceptional service experience for our customers. Nova 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.”
