NOVA Merchant Bank Limited has declared a profit after tax of N1.65 billion for the 2019 financial year representing 44 percent growth compared to N1.15 billion recorded in 2018.
The bank disclosed this in its audited results for the financial year ended December 31, 2019, released last weekend which showed improved performances across its major financial lines.
The result showed that the bank achieved strong growth across all parameters as it recorded a remarkable 113 percent growth in gross earnings from N2.76 billion in 2018 to N5.87 billion in the year under consideration, while profit before tax closed at N1.5 billion, representing a 56 percent rise from N0.96 billion the year before, even as total assets grew by 155 percent from N25 billion to N63.8 billion in the year under consideration.
In the same vein, Customer Deposits stood at N40.5 billion in 2019, compared to N6.4 billion in 2018 representing a rise by 533 percent; while Shareholders Funds increased by 11 percent to N19.5 billion in 2019 compared to N17.6 billion in 2018. Loans to customers closed the 2019 financial year at N29.3 billion up from N2.4bn in 2018 representing a significant rise by 1121 percent.