NOVA Merchant Bank Limited has recorded a quantum leap in its profit before tax, recording a 135% growth to N3.52 billion, compared to 2019 figure of N1.5 billion.
This is according to the bank’s audited results for financial year ended December 31, 2020 seen by Business Hallmark.
Further look at the results showed notable improvements in all key financial parameters.
Profit after tax grew 112% to N3.49 billion for the period, compared to N1.65 billion recorded in 2019.
Similarly, the bank recorded a decline in the Cost to Income Ratio from 55% in 2019 to 44% in 2020.
Customer deposits grew to N89.6 billion in 2020 compared to N40.5 billion in 2019, while loans to customers grew by 71% to N50 billion in 2020 compared to N29.3 billion in 2019.
Commenting on the results, the bank’s Managing Director and Chief Executive Officer, Mr Nath Ude, said, “Our full year 2020 performance is especially gratifying as we achieved such growth amidst the unprecedented nature of the COVID-19 pandemic and resulting macro-economic headwinds.
“In 2021, we will continue to build on our strong foundation to significantly scale the business by focussing on exceeding the expectations of our customers through innovative financial solutions while expecting our non-bank subsidiaries to start contributing effectively to the group in line with our strategic intent.”
In his own remarks, Chairman of the bank, Mr. Phillips Oduoza stated, “I am particularly delighted to see how the Bank has maintained its growth trajectory and improve its efficiency during such a challenging period.
“The Bank is well positioned to benefit from the expected upsurge in economic activity and profit from the emerging opportunities this presents as the global economy emerges from the impact of the COVID-19 crisis.”
NOVA Merchant Bank offers an integrated suite of financial solutions covering Wholesale Banking, Investment Banking, Asset Management, Wealth Management, Trade Services, Transaction Banking, Cash Management and Digital Banking.