Photo caption: From left, Independent Non-Executive Director, Malachy Nwaiwu; Executive Director, Funke Okoya; Managing Director/CEO, Nath Ude; Newly appointed Independent Non-Executive Director, Funmi Oyetunji; Chairman, Phillips Oduoza; Independent Non-Executive Director, Gbemisola Laditan; Non-Executive Director, Chinedu Uzoho; and Executive Director, Emmanuel Onokpasa; at the 5th Annual General Meeting of NOVA Merchant Bank where the shareholders ratified the new directors in Lagos on Friday
NOVA Merchant Bank Limited, on Friday in Lagos, held its annual general meeting where shareholders considered the audited financials for the year ended December 31, 2021, expressing satisfaction with the growth in key measurement parameters.
For example, while gross earnings for the period improved by 25.7% from N13.55bn in the corresponding period of 2020 to N17.03bn last year; profit after tax stood at N1.6bn; while customer loans and advances grew by 76.9% year-on-year to N88.38bn, from N49.97bn a year earlier, a reflection of its growth trajectory since inception.
The growth, the bank said, reflected its strong capital adequacy ratio and stable funding, besides deepening its penetration, the growing market share of its risk assets and broader balance sheet. With capital adequacy ratio of 29.1% ahead of 10% regulatory requirement for merchant banks, NOVA has strong headroom to sustain the impressive growth trajectory.
The bank recorded growth across most indices with deposits rising by 30.4% to N116.91bn in the year ended December 31, 2021, up from N89.63bn in the prior year.
In keeping to its commitment of supporting clients’ growth strategy, Nova Merchant Bank Limited says it continues to leverage innovative offerings and structures in financing new businesses and expansion projects across various sectors of the Nigerian economy.
Addressing shareholders during its Annual General Meeting (AGM), Phillips Oduoza, the Chairman, the chairman, expressed excited at the consistent growth in the bank “as reflected in the strong double-digit rise in deposits, loans and overall balance sheet. It is our mission to continue to create superior value for all stakeholders across the markets that we serve, as we seek to drive the next wave of revolution in financial services through product innovation and service excellence.”
Commenting on the performance of the Bank, the Chief Executive, Nath Ude, said NOVA’s “client-centric philosophy and innovative offerings are unique value propositions for clients. Across the different segments of the market, we are gaining market share, and deepening brand penetration. We are committed to supporting clients through various economic cycles, as we deploy creative solutions towards fulfilling our clients’ growth objectives.”
Continuing, Ude said the bank “would continue to partner credible businesses, as we create bespoke financing solutions that empower our clients to fulfill their quest to positively disrupt markets. Notwithstanding the global and domestic macroeconomic uncertainties, we are more than ever optimistic about the future of our business, and are thankful to our fast-growing clientele, whose loyalty remains a cardinal strength for us at NOVA.”
He explained that given the bank’s strong governance practice, robust risk management architecture and balance sheet capacity, Nova is primed to sustain its impressive growth in assets and earnings whilst also creating new opportunities for inclusive growth and development of the Nigerian economy.