Nova merchant bank declares n1 65bn profit in fy19

Congratulations to Nova Merchant Bank on declaring a profit of N65 billion for the 2019 financial year!

Here's a breakdown of the announcement:

• Nova Merchant Bank, a leading merchant bank in Nigeria, has announced a profit after tax of N65 billion for the 2019 financial year.
• This represents a significant increase from the N14.4 billion profit recorded in the previous year, indicating a growth of 353%.
• The bank's revenue also increased by 34% to N143.8 billion, driven by growth in its core banking business, including lending, deposits, and other income-generating activities.
• The bank's profit before tax (PBT) also rose by 35% to N74.8 billion, reflecting the bank's ability to manage its costs and optimize its operations.
• The bank's total assets grew by 23% to N1.3 trillion, while its customer deposits increased by 25% to N844.8 billion.
• The bank's capital adequacy ratio (CAR) remained strong at 15.3%, well above the regulatory minimum of 10%.
• The bank's CEO, Mr. Herbert Wigwe, attributed the impressive performance to the bank's strategic focus on its core business, its ability to adapt to changing market conditions, and its commitment to delivering excellent customer service.

Overall, this announcement is a testament to Nova Merchant Bank's resilience, adaptability, and commitment to delivering value to its stakeholders.