Home Business Nova Merchant Bank declares N1.15bn in profit after tax for 2018

Nova Merchant Bank declares N1.15bn in profit after tax for 2018


Nova Merchant Bank Limited has declared a profit after tax of N1.15 billion for the year ended December 31, 2018; a giant increase of 125% from N510.6 million achieved in 2017.

The increase, the bank says, is owed to the benefits of its investments in its operations, technology and people.

The growth is expected to accelerate as the bank scales its business and grows its client base.

Nova bank recorded a 54.10% growth in gross earnings from N1.22 billion in 2017 to N1.88 billion. The bank further grew the total assets by 38.89% from N18 billion to N25 billion between 2017 and 2018.

This impressive performance marks a very successful year for the newly licensed merchant bank which recently deployed a state-of-the-art and fully digital core banking application.

The bank also recorded remarkable growth in customer acquisition, promoting a third of its workforce which is in line with its objective to be the employer of choice.

The MD/CEO, Anya Duroha, said on the report, “Our stellar results are a culmination of the hardwork, commitment, resilience, discipline and resourcefulness of all our employees. We have been able to drive strong customer acquisition and deploy leading edge technology whilst optimising our costs.

“We will continue to focus on growing our business, providing solutions tailored to our clients’ needs, building a high performance culture, motivating our employees and creating sustainable value for our shareholders.”

Chairman of Nova Merchant Bank, Phillips Oduoza, in his remark on the results said, “We have been able to build a strong foundation for the success of the Bank and approach the future with confidence and optimism in our business model, value proposition, clients and employees.

“We remain committed to the implementation of our over-arching philosophy of ‘New Thinking, New Opportunities’ to create value for all our stakeholders.”

Nova Merchant Bank remains dedicated to its core values of Uniqueness, Passion, Leadership, Integrity, Fairness and Teamwork (UPLIFT) as it believes these would enable it to surpass the expectations of its clients and stakeholders.

Source: Qed NG

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