NOVA Bank returns profit in 1st year

NOVA Merchant Bank Limited, one of the new merchant banks licensed by the Central Bank of Nigeria, CBN, with a focus on wholesale banking, investment banking and asset management, has reported a profit of N510.6 million in its first full year of operations.
Specifically, its results for its first eight months of operations, which ended December 31, 2017, showed that the bank recorded a gross earnings of N1.22 billion, driven by prudence and efficiency in its financial activities. Total assets stood at N17.99 billion, while the bank also reported a shareholders’ funds of N16.51 billion.

The Chairman of the Board of Directors, Mr. Phillips Oduoza, who expressed satisfaction at the first full year of performance, also commended the hard-work of the staff which culminated in the modest performance.

He stated: “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.”
According to Oduoza, it is expected that the size of the bank’s balance sheet will provide a strong foundation to support the growth of its business and rapidly growing client base.
Analysts expect this trend of performance to continue in 2018 as the bank continues to expand its range of services and implements its philosophy of ‘New Thinking, New Opportunities’ to create value for its clients.

While also explaining the strategic direction of the bank, the Managing Director, Chinedu 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.

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