By Babajide Komolafe
NOVA Merchant Bank Limited has recorded a 107.9 per cent growth in profit before tax to N3.5 billion in the financial year ended December 2022.
Similarly, profit after tax rose by 102.9 per cent to N3.21 billion in 2022 from N1.58 billion the previous year.
The growth in profitability was driven by a 37.01 per cent growth in the bank’s gross earnings, which rose to N23.34 billion in 2022 from from N17.03 billion in 2021, just as fees and other income rose by 34.9 per cent to N6.70 billion in 2022, up from N4.96 billion the year before.
Furthermore, the bank recorded 14.6 percent growth in Total assets N279.9 billion from N244.2 billion the previous year.
Notably, the Group continues to gain market share, a reflection of its steady penetration across key growth sectors, as reflected in the 30 per cent growth in customer deposits; which rose from N116.9bn at the end of 2021, to close the year 2022 at N152.01bn.
Total assets grew by 14.6% to close 2022 at N279.9bn up from N244.2bn recorded the previous year; while profit before tax rose significantly by 107.9 per cent to close the year 2022 at N3.50bn. Profit after tax also recorded a similar feat, as it jumped from N1.58bn in 2021 to N3.21bn in the year under consideration, representing an impressive leap by 102.9%.
Commenting on the results and broader achievements of the Group, the Chairman of the Board, Mr.
Phillips Oduoza, said: “It is exciting that we continue to sustain this 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.
Continuing, he said, “We are dedicated to the success of our customers and would continue to support our HNI clients through their financial life cycle, as well as 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.”
Source: Vanguard
