The Managing Director of NOVA Merchant Bank, Anya Duroha, said the bank has grown its revenue to N5.8 billion in three years of operation.
He disclosed this in a webinar media parley in Lagos yesterday. He said: “We have done very well in our first 3 years from a N1.2 revenue base in 2017 to about N5.8bn at the end of 2019.
- FG to transform civil service with technological innovations – Yemi-Esan
- 15 innovations in new companies’ act
“We have also seen our profit grow from N510 million in 32017 to N1.15bn in 2018 and N1.65bn at the end of 2019.”
He also disclosed that the first and second quarter unaudited results surpassed the management expectation in the face of the current pandemic.
The MD further said the recent over subscription of the bank’s bond by 300 percent is a mark of the confidence that the market has on the operations of the bank.
“We needed long term funds to finance long term investments. We are looking at creating medium to long term loans of three to five years around manufacturing, pharmaceuticals , Agriculture amongst others” he added.
He said the bank non-performing loan has remained at zero and the capital adequacy ratio 53.6 percent.
Join Daily Trust WhatsApp Community For Quick Access To News and Happenings Around You.
