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Nova Merchant Bank grows full year profit by 43%, holds AGM

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Nova Merchant Bank grows full year profit by 43%, holds AGM

Nova Merchant Bank has declared a 43% expansion in profit for Full Year 2019 on the back of a smooth implementation of its 2019 strategic plan and its determination to rank among industry leaders come 2025.

The lender made the proclamation on Monday in Lagos at its Annual General Meeting (AGM), attended by the Chairman, Phillips Oduoza, the Managing Director, Anya Duroha, the Company Secretary, Nnadozie Ohaji, other members of the board of directors and shareholders.

Oduoza stated that the bank posted considerable improvement across its key performance indices at FY2019 compared to the corresponding period of 2018.

In the period under review, Nova Merchant Bank’s deposits rose by 523%, its total assets by 155% and its loan portfolio by 1,106%.

“While we acknowledge the present macro-economic landscape and its concerns, and even though we see that the situation remains very fluid, it is our firm belief that the COVID-19 crisis will also result in several opportunities for the bank, as industry dynamics evolve,” Mr Oduoza said.

He informed shareholders of the company’s passion to drive digital banking, facilitate long-term funding and deepen its wholesale and investment banking segment.

Read also: Neimeth declares N26.055mn loss for Second Quarter

On his part, Duroha commended the faith of shareholders in the institution and its services despite operating in a fiercely competitive business environment.

“We were able to deliver these impressive results as we remained focused on our mission of creating superior value in the markets we serve and keeping our customers at the center of our business. I believe this performance is sustainable by maintaining our relentless focus on providing a superior customer experience,” he said.

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