NOVA Merchant Bank Limited has announced its Audited Full Year 2022 financial results, showing an outstanding 107.9% year-on-year growth in profit before tax and the group year-on-year profit before tax of 98.2%, as both funded and non-funded income grew significantly on the back of innovative offerings and exceptional customer service.

Notably, the Group continues to gain market share, a reflection of its steady penetration across key growth sectors, as reflected in the 30% growth in customer deposits. Asset quality remains exceptional, with Non-Performing Loan ratio of 0.2%, underscoring the best-in-class governance and management discipline in creating quality assets and ensuring effective risk management.

Commenting on the results and broader achievements of the Group, the Chairman of the Board, Mr. Phillips Oduoza, noted: “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% 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 optimize 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, Mr. 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 capitalization 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% 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 revolutionize 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.

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