NOVA Merchant Bank Records N23 Billion Gross Earnings

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For the financial year which ended December 31, 2022, NOVA Merchant Bank has recorded a 37.01 per cent increase in gross earnings to N23.34 billion from N17.03 billion in 2021.

The bank made this known in a statement on Monday in its audited full year 2022 financial results.

According to the statement, the bank’s profit before tax rose by 107.9 per cent to N3.50 billion.

The bank’s profit after tax rose by 102.9 per cent YoY to N3.21bn in 2022 from N1.58bn in 2021 financial year, while the Group’s figure rose by 93.7 per cent YoY to N3.11bn from N1.61bn in 2021FY.

Commenting on the results and broader achievements of the Group, the Chairman of the Board,  Phillips Oduoza, said, “It is 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.

Also speaking on the results, the Managing Director/Chief Executive Officer, 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.”

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