NOVA Merchant Bank records N1.65bn profit

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NOVA Merchant Bank Limited says its profit after tax rose by 44 per cent to N1.65bn at the end of 2019 financial year from N1.15bn in the corresponding period of 2018

A statement on Monday said the highlights of its audited 2019 full year financial results showed that its gross earnings rose by 113 per cent to N5.87bn in 2019 compared to N2.76bn in 2018.

It stated that its operating expense rose by 37 per cent to N1.95bn in 2019 from N1.42bn in 2018; while its profit before tax rose by 56 per cent to N1.5bn in 2019 from N0.96bn in 2018.

The statement said the cost to income ratio at 55% YOY showed a reduction of eight per cent.

Its balance sheet showed that total assets rose by 155 per cent to N63.8bn in 2019 compared to N25bn in 2018; while its loans to customers rose by 1,121 per cent to N29.3bn in 2019 compared to N2.4bn in 2018.

The statement said the customer deposits rose by 533 per cent to N40.5bn in 2019 compared to N6.4bn in 2018; while shareholders funds rose by 11 per cent to N19.5bn in 2019 compared to N17.6bn in 2018.

In his remarks, Managing Director, Mr Anya Duroha stated, “Our full year 2019 performance resonates our resilience and commitment to excel and succeed despite being a fairly new merchant bank and macroeconomic headwinds that persisted in 2019.”

“Going into 2020, we will continue our resolve to be the best merchant bank in Nigeria as we will leverage our track record of trust, to deliver on operational efficiency through digital innovation while proffering customer-centric solutions to our existing and new customers.”

Speaking on the results, the Chairman, Mr 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 per cent 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.”

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