Nova Merchant Bank reports surge in annual profit as revenue touches N23bn
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Nova Merchant Bank ended the fiscal year 2022 expanding its bottom line by just about double the figure for the previous year, according to its latest audited earnings release.
The bank derived its strength from growth in both funded and non-funded income, details of the report showed.
Together with two other divisions, NOVAMBL Asset Management and NOVAMBL Securities, the bank offers financial advisory, investment banking and trade services among others. The group is jointly owned by institutional investors within and outside Nigeria.
Revenue advanced 37 per cent to N23.3 billion as the financial services group continued to expand its slice of the market, the high point of that being the scaling up of customer deposits within the period.
Fees and other income climbed to N6.7 billion, suggesting a 34.9 per cent growth when placed side by side with what was recorded one year before.
“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,” said the chair of the directors’ board, Phillip Oduoza, in intimation of the group’s non-performing loan of just 0.2 per cent.
ALSO READ: NOVA Merchant Bank appoints new directors, promotes workers
Mr Oduoza, who was the CEO of United Bank for Africa once upon a time, is the majority owner of the merchant bank, holding 50.5 per cent of the issued shares according to the 2021 financial report: 43.5 per cent directly and 7 per cent indirectly.
Carbon Commodities DMCC, Afriglobal Investment Holding and Five Star Associate Limited are the other shareholders, each holding 24.8, 12.4 and 12.4 per cent stakes in that order.
Profit before tax leapt to N3.5 billion, rising by more than twice as much as 12 months earlier; post-tax profit rose to N3.1 billion, accelerating by 93.2 per cent year on year.
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Nova Merchant Bank ended the fiscal year 2022 expanding its bottom line by just about double the figure for the previous year, according to its latest audited earnings release.
The bank derived its strength from growth in both funded and non-funded income, details of the report showed.
Together with two other divisions, NOVAMBL Asset Management and NOVAMBL Securities, the bank offers financial advisory, investment banking and trade services among others. The group is jointly owned by institutional investors within and outside Nigeria.
Revenue advanced 37 per cent to N23.3 billion as the financial services group continued to expand its slice of the market, the high point of that being the scaling up of customer deposits within the period.
Fees and other income climbed to N6.7 billion, suggesting a 34.9 per cent growth when placed side by side with what was recorded one year before.
“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,” said the chair of the directors’ board, Phillip Oduoza, in intimation of the group’s non-performing loan of just 0.2 per cent.
ALSO READ: NOVA Merchant Bank appoints new directors, promotes workers
Mr Oduoza, who was the CEO of United Bank for Africa once upon a time, is the majority owner of the merchant bank, holding 50.5 per cent of the issued shares according to the 2021 financial report: 43.5 per cent directly and 7 per cent indirectly.
Carbon Commodities DMCC, Afriglobal Investment Holding and Five Star Associate Limited are the other shareholders, each holding 24.8, 12.4 and 12.4 per cent stakes in that order.
Profit before tax leapt to N3.5 billion, rising by more than twice as much as 12 months earlier; post-tax profit rose to N3.1 billion, accelerating by 93.2 per cent year on year.
Support PREMIUM TIMES’ journalism of integrity and credibility
Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.
For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.
By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.
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TEXT AD: Call Willie – +2348098788999
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