NOVA Merchant Bank Limited grew its net profit by 125 per cent to N1.15 billion in 2018 as the wholesale banker continued to reap the benefits of its investments in its operations, technology and people.
Key extracts of the audited report and accounts of NOVA Merchant Bank for the year ended December 31, 2018 showed that the merchant bank achieved strong growth across all parameters. The bank recorded a 54.10 per cent growth in gross earnings from N1.22 billion in 2017 to N1.88 billion in 2018. The bank further grew the total assets by 38.89 per cent from N18 billion in 2017 to N25 billion in 2018. Profit after tax rose from N510.6 million in 2017 to N1.15 billion in 2018.
Managing Director, NOVA Merchant Bank Limited, Anya Duroha, said the bank’s performance was a culmination of the hardwork, commitment, resilience, discipline and resourcefulness of all its 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,” Duroha said.
He added that the impressive result demonstrated the bank’s growth trajectory which is expected to accelerate as it scales its business and grows its client base.
According to him, the 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 and in line with its objective to be the employer of choice, promoted about a third of its workforce.
Chairman, NOVA Merchant Bank Limited, Remarking on the results, Phillips Oduoza, said the bank has been able to build a strong foundation as it approaches the future with confidence and optimism in its 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,” Oduoza said.
He assured that the bank would continue to strive to deliver profitable, responsible and sustainable growth, noting that the bank remains dedicated to its core values of uniqueness, passion, leadership, integrity, fairness and teamwork as it believes these ethos will enable it to surpass the expectations of its clients and stakeholders.