NOVA Merchant Bank Limited has announced a profit before tax of N3.50 billion in its Audited full year 2022 financial results, representing 107.9 per cent year-on-year growth.

The NOVA Bank’s group profit before tax was N3.34 billion, representing 98.2 per cent year-on-year growth.

The bank noted that both the funded and non-funded income grew significantly on the back of innovative offerings and exceptional customer service.

It made this known via a statement issued and made available to The Star on Monday.

The gross earnings of Nova Bank were N23.34 billion, compared to N17.03 billion in 2021 full year.

The gross earnings represented 37.01 per cent year-on-year growth.

The bank noted that fees and other income were N6.70 billion, compared to N4.97 billion in 2021 full year, representing 34.9 per cent year-on-year growth.

It noted that the profit after tax was N3.21 billion, compared to N1.58 billion in 2021 full year, representing 102.9 per cent year-on-year growth.

NOVA Bank disclosed that the group profit after tax was N3.11 billion, compared to N1.61 billion in 2021, representing 93.7 per cent year-on-year growth.

The bank added that the cost of risk remained modest at 0.14 per cent, reinforcing outstanding asset quality.

It stated that the total assets were N279.9 billion, compared to N244.2 billion as of 2021, representing 14.6 per cent year-on-year growth.

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NOVA Bank said its deposit was N152.01 billion; 30.0 per cent year-on-year growth from N116.9 billion.

According to the bank, the shareholders’ funds were N26.77 billion, up 13.1 per cent year-on-year growth, reflecting strong internal capital generation.

NOVA Bank added that the 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.

Speaking on the results and broader achievements of the bank, the Chairman of the Board, Phillips Oduoza, said: “It’s 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.

“I am particularly pleased with the sound governance practice and diligence of the management in upholding the asset quality of the bank, a feat which has become a benchmark in the industry. Notwithstanding the challenging economic environment, the bank continues to demonstrate commitment to customers’ financing objectives and supporting their overall business growth.

“In reciprocal, we continue to gain a larger share of our customers’ wallets and win new clients, as reflected in the 37 per cent growth in gross earnings, buoyed by stellar performance of both funded and non-funded income. The strength of our balance sheet, our exceptional service, bespoke financing solutions, and new thinking are uncommon qualities that continue to distinguish our bank.

“More than ever, we are optimistic on the Nigerian economy and more importantly our business, as we continue to invest in sustainable strategies that ensure the resilience of our business to varying economic cycles.

“We are dedicated to the success of our customers and would continue to support our HNI clients through their financial life cycle, including through our wealth management offerings and advisory services.

“We would remain trusted partners to our corporate clients, supporting them through our tailored offerings that optimise 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.”

Also speaking on the results, the Managing Director/Chief Executive Officer, 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.

“The strong capitalisation and liquidity ratios reinforce our capacity to underwrite quality transactions, in addition to leveraging our expanded scope of offerings in delivering unique customer experience.

“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 achieved a 107.9 per cent growth in profit before tax and recorded notable growth across all balance sheet lines, reflecting the success of our strategy and the execution capacity of our team.

“We 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 managements practices that revolutionise financial services in Nigeria, as we remain focused on unlocking new opportunities for our esteemed clients. We would sustainably deliver exceptional service to our customers, as we create superior value for all stakeholders,” Ude stated.

The Star