NOVA Merchant Bank investors are to receive N800million dividend pay-out for the 2020 financial year, just as shareholders urged the board and management to continue the growth trajectory notwithstanding the current challenging macro-economic environment in the country.
At the bank’s 4th Annual General Meeting in Lagos on Friday, shareholders approved the dividend payout for the financial year, urging the Bank to keep to the path of impressive performance over the years.
While presenting the Bank’s financial performance for the year ended December 31, 2020, the Chairman, NOVA Merchant Bank, Phillips Oduoza, said the Bank reported significant improvements in all its key financial parameters during the year.
Details of the performance of the Bank showed a declaration of profit after tax of about an N3.49billion, an increase of 112 percent, compared to N1.65billion recorded in December 2019. Gross earnings for the year also rose significantly by 130 percent, while profit before tax increased by 135 percent from N1.5billion in 2019 to N3.52billion in the year.
Commenting on the bank’s performance, Oduoza said in the face of the challenges in the macro-economic landscape, the Bank was able to turn in very impressive results in the period under consideration.
“On behalf of the Board and the shareholders, I will like to express my gratitude to the management and staff for sustaining the Bank’s growth trajectory and delivering sterling results in such difficult times.”
The Managing Director/Chief Executive Officer, Nath Ude, said the Bank took advantage of the opportunities presented by the challenging environment as a result of the coronavirus pandemic.
“The Bank was able to provide seamless services to our customers during the lockdown period while maintaining the necessary COVID-19 protocols. The accelerated adoption of digital channels by customers further demonstrates the appropriateness of our business model and digital banking focus.
To this end, we will ensure we remain ahead of changing trends to deliver value to all our stakeholders. We will continue to explore opportunities to partner with fintech’s to further deepen our capabilities in this area,” he stated.
Ude explained that going forward, NOVA would focus on entrenching the right structures and creating an agile and solution-minded team capable of driving the vision and mission of the group.
NOVA Merchant Bank is an investment grade rated institution that 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.
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