Shareholders of Nova MB applaud N800m dividend

Shareholders of NOVA Merchant Bank has commended the board and management for the impressive performance over the years; approving the payment of N800 million as dividend for the year ended December 31, 2020, despite the challenging macro-economic environment.

Presenting the bank’s financial performance for the period, the Chairman, Phillips Oduoza, noted that the significant improvement in all key financial parameters leading to the profit after tax of N3.49 billion in 2020, an increase of 112 per cent compared to N1.65 billion recorded in December 2019.

Gross Earnings also rose significantly by 130 per cent, while profit before tax increased by 135 per cent from N1.5 billion in 2019 to N3.52 billion in the year under consideration, following which Oduoza expressed the appreciation of the board and the shareholders for what he called “sterling results in such difficult times.”

Also commenting, the Managing Director/Chief Executive Officer, Nath Ude, said the bank took advantage of the opportunities presented by the challenging environment, providing “seamless services to our customers during the lockdown period while maintaining the necessary COVID-19 protocols. The accelerated adoption of digital channels by customers further demonstrates the appropriateness of our business model and digital banking focus.

“To this end, we will ensure we remain ahead of changing trends to deliver value to all our stakeholders. We will continue to explore opportunities to partner with FinTechs to further deepen our capabilities in this area,” he stated.

Ude explained that going forward; NOVA will focus on entrenching the right structures and creating an agile and solution-minded team capable of driving the vision and mission of the group.