Recently licensed NOVA Merchant Bank Limited, on Wednesday said it posted profit in its very first year of operation, a situation it linked to a high level of productivity and cost-effectiveness.
According to the bank profit stood at N510.58m in its first full year of operation, from gross earnings of N1.22bn, which was driven by prudence and efficiency in its financial activities, which has laid a strong foundation for future success. To this end, the bank has reported a profit of N510.58m in its first full year of operations.
Total assets for the period stood at N17.99bn, just as shareholders’ funds was N16.51bn.
A breakdown of the figure showed a marked and strategic approach towards cost-savings and maximization, with operating expenses at N743.39m in the period under review.
Commenting, Chairman of the board, Phillips Oduoza, expressed satisfaction at the first full year of performance, while commending the hard-work of the staff which culminated in the modest performance.
“We have assembled a team of professionals and our building state of the art technology to drive our innovative products and services in realization of our vision “To be Africa’s preferred financial solutions provider” and our mission to “create superior value in the markets we serve”
Oduoza expressed hope that the bank’s balance sheet size will provide a strong foundation to support the growth of its business and rapidly growing client base.
Also commenting, Managing Director, Chinedu Ikwudinma, noted that the performance was achieved by a commitment to the core values of the institution encapsulated by the acronym “UPLIFT” i.e. Uniqueness, Passion, Leadership, Integrity, Fairness and Teamwork.
Continuing, he said “NOVA is positioned to bring transformative advantage to our customers in keeping with our vision “To be Africa’s preferred financial solutions provider”. We are deploying the systems, services and personnel to make this happen and are excited about the future we envision for ourselves and our clients.
While also explaining the strategic direction of the bank, Ikwudinma noted that NOVA will focus on wholesale banking by offering trade services, project financing, cash management, corporate solutions, advisory services, adding that in the area of investment banking, the bank would be looking at mergers and acquisition, advisory services, securities and trading, wealth and asset management as well as debt and equity capital management.