NOVA Merchant Bank earnings increase by 37%

By David Awoyemi

NOVA Merchant Bank Limited released a statement of its gross earnings, rose by 37.01 per cent year on year to N23.34 billion as of the end of 2022 financial period from N17.03 billion in 2021FY.

The bank disclosed this in a statement on its audited full year 2022 financial results.

According to the statement, the bank’s profit before tax rose by 107.9 per cent YoY to N3.50billion, while the Group’s figure rose by 98.2 per cent YoY to N.34billion.

Nova Merchant Bank Profit After Tax grew by 102.9 per cent YoY to N3.21billion in 2022 from N1.58billion in 2021FY, while the Group’s figure rose by 93.7 per cent YoY to N3.11billion from N1.61billion in 2021 FY.

The statement analysed more on the balance sheet which showed total assets that rose by 14.6 per cent YoY to N279.9billion in 2022 from N244.2billion as of 2021FY.

Deposit also rose by 30.0 per cent YoY to N152.01billion from N116.9billion in 2021.

Shareholders’ funds rose by 13.1 per cent YoY to N26.77billion, reflecting strong internal capital generation.

Capital adequacy ratio stood at 23.24 per cent, 2x 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, said, “It is exciting that the Group continues to sustain its 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.”

Further speaking on regards to the results, the Managing Director/Chief Executive Officer, Mr Nath Ude, said, “In keeping to our pledge of supporting clients’ growth, Nova Merchant Bank continues to create novel financing structures to meet dynamic needs of our customers across key growth sectors.”