Boasting of strong capitalisation, risk position, liquidity and evolving brand, NOVA Merchant Bank, has been upgraded by the Global Credit Rating from Better Business Bureau minus (BBB-) to Better Business Bureau (BBB) with a stable outlook.
The upgrade comes shortly after Datapro recently reaffirmed the “A” rating of it’s N10 billion 7-Year Subordinated Unsecured Bond, which was oversubscribed by 300% when initially issued.
This followed the recent publication of the Bank’s financial results for 2020 in which it declared a profit after tax of N3.49bn in 2020 compared to N1.65bn in 2019.
The bank also achieved a 130% increase in gross earnings while its cost to income ratio declined from 55% in 2019 to 44% in 2020.
The CEO/Managing Director of NOVA Merchant Bank Ltd, Mr. Nath Ude, said:”The achievement of a ratings upgrade given the headwinds witnessed in the economy, represents another positive development in the bank this year, following our impressive financial performance, resilience and the reaffirmation of the “A” rating on our bond.”
In his comment, the Board Chairman, Mr. Phillips Oduoza, noted that an upgrade in the bank’s rating given the challenging macroeconomic context, demonstrated the efficiency of the various governance structures put in place to secure the long term sustainability of the bank.
“It provides a strong foundation for the continuation of our growth trajectory,” he added.
NOVA Merchant Bank 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.