In the fiscal year that concluded in December 2022, NOVA Merchant Bank Limited’s profit before tax increased by 107.9% to N3.5 billion.
Similarly, from N1.58 billion in 2021 to N3.21 billion in 2022, profit after tax increased by 102.9%.
The increase in profitability was caused by a 37.01% increase in the bank’s total earnings, which went from N17.03 billion in 2021 to N23.34 billion in 2022. At the same time, fees and other income increased by 34.9% to N6.70 billion in 2022 from N4.96 billion the previous year.
Additionally, from N244.2 billion the previous year to N279.9 billion this year, the bank’s total assets increased by 14.6%.
Notably, the Group keeps expanding its market share, which is evidenced by its consistent penetration across key growth areas and the 30% growth in client deposits, which increased from N116.9 billion at the end of 2021 to N152.01 billion at the end of 2022.
Total assets increased by 14.6% to N279.9 billion at year’s end, up from N244.2 billion the previous year, while profit before tax increased dramatically by 107.9% to N3.50 billion. A comparable achievement was made by profit after taxes, which increased by an astonishing 102.9% from N1.58 billion in 2021 to N3.2 billion in the year under discussion.
In his remarks regarding the Group’s performance and overall accomplishments, Chairman of the Board Mr.
“It is exciting that we continue to sustain this remarkable growth trajectory since inception,” said Phillips Oduoza. “We are leveraging on innovative offerings and customer service excellence to deepen market penetration and continuously gain market share across all segments of the business.
He continued, “We are dedicated to our customers’ success and will keep assisting our HNI clients throughout their financial lives through our wealth management options and consulting services.
We would continue to assist our corporate clients as trusted partners by providing them with specialized services that maximize their financial results. We are dedicated to constantly setting the bar higher when it comes to fresh ideas and opportunities that can benefit both our consumers and our company.
